Board approves 50:50 JV with NALCO for 1080 MW captive thermal power plant

Board approved incorporating a 50:50 joint venture company with NALCO, proposed to be named NLC NALCO Power Limited.

Tue 29 Sep 2026

JV Capacity

1080 MW (4 X 270 MW) thermal captive power plant

JV Structure

50:50 joint venture with NALCO

JV Name

NLC NALCO Power Limited

Share Subscription

Face value of Rs. 10/- each; NLC India to hold 50%

Approvals Status

DIPAM approval conveyed by Ministry of Coal; other statutory and administrative approvals pending

What was approved

The Board of Directors, at its meeting held on 29th September, 2026, considered and approved the incorporation of a Joint Venture Company with National Aluminium Company Limited (NALCO), with equity participation of the company and NALCO in the ratio 50:50.

The project

• Development of a 1080 MW (4 X 270 MW) Thermal Captive Power Plant, to be built in phases.
• Purpose: to meet the captive power requirements of NALCO.
• The JV will also explore options of a long term PPA for NALCO's renewable energy requirements.

The proposed entity

• Proposed name: NLC NALCO Power Limited, or any other name made available or approved by the Ministry of Corporate Affairs.
• To be incorporated in India.
• Industry: Thermal Power Generation.
• The listed entity will hold 50% of the shares of the proposed JV.

Consideration

• By way of subscription of equity shares of the proposed JV, in cash.
• Shares will be acquired at face value of Rs. 10/- each.

Approvals

• The Ministry of Coal, by its letter dated 8th September, 2026, conveyed the approval of DIPAM for the formation of the JV between the company and NALCO.
• The arrangement remains subject to various statutory and administrative approvals and to compliance with DIPAM guidelines as may be prescribed.

How to read this

This is a board-level approval to form a new company, not a completed incorporation or a commissioned plant. Capacity is planned to come up in phases and further approvals are pending, so timelines and capital outgo will depend on those steps. A captive plant tied to an identified off-taker such as NALCO gives the intended demand visibility for the power to be generated.

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