NTPC, CIL to form JVs for coal mines and power projects

New Delhi, Mar 15 (UNI) Country's largest power generator NTPC Ltd today signed an agreement with leading coal producer Coal India Ltd (CIL) for setting up joint venture companies to develop coal blocks and integrated coal-based power plants.

The agreement will leverage both the companies to pool in their expertise in areas of coal mining and operation and maintenance of power plants.

The areas of immediate cooperation are development of two coal blocks -- Brahmini (1,900 mt) and Chichro Patsimal (356 mt) in Jharkhand -- to be developed and operated as 50:50 joint venture between CIL and NTPC.

The companies also plan to set up joint integrated power plants.

The MoU was signed by NTPC Ltd Director (Operations) Chandan Roy and CIL Director (Marketing) K Rangnath in the presence of NTPC CMD T Sankaralingam and CIL CMD Partho Sarthi Bhattacharya.

CIL accounts for 85 per cent of India's coal production. It has 470 coal mining projects spread over eight states. CIL is poised to achieve production of 650 million tonnes (mt) coal by 2017.

UNI