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

Board approved incorporating a 50:50 joint venture with NALCO — proposed name NLC NALCO Power Limited — to develop a 1080 MW (4 X 270 MW) thermal captive power plant in phases for NALCO's captive power needs.

Tue 29 Sep 2026

JV Structure

50:50 equity participation with NALCO

Proposed Company Name

NLC NALCO Power Limited

Project Capacity

1080 MW (4 X 270 MW) Thermal Captive Power Plant

Share Subscription

Shares to be subscribed in cash at face value of Rs. 10/- each

Project Scope

Development in phases for NALCO's captive power needs; exploration of long-term PPA options for renewable energy

What was approved

The Board of Directors, at its meeting held on 29th September, 2026, approved the incorporation of a Joint Venture Company with National Aluminium Company Limited (NALCO).

• Equity participation: NLC India and NALCO in the ratio 50:50
• 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 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 (power purchase agreement) for NALCO's renewable energy requirements

How NLC will fund its stake

• Nature of consideration: subscription of equity shares of the proposed JV by cash
• Shares will be acquired at face value of Rs. 10/- each
• NLC India will hold 50% of the shares of the proposed JV

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 approval by the Board remains subject to various statutory and administrative approvals and to compliance with DIPAM guidelines as may be prescribed.

How investors may read it

A captive power plant built for a specific industrial user gives the JV a defined offtake for its electricity. The plan is at the incorporation stage and will be developed in phases, so capital outlay and commissioning will be spread over time. Further details would emerge as the JV is incorporated and approvals are obtained.

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