NTPC, SCCL in 50:50 JV for coal blocks

New Delhi, May 11 (UNI) Power major NTPC Ltd and Singareni Collieries Company Ltd (SCCL) today signed an equal joint venture for development, operation and maintenance of coal blocks.

The new company will leverage both the companies to pool in their experience and expertise in the areas of coal mining and power generation.

The investment details were unavailable.

The JV company aims to undertake acquisition and development of mines, beneficiation, processing, operation and maintenance of coal/lignite mining blocks and selling the coal/lignite.

The new entity will also undertake development, operation and maintenance of integrated coal-based power plants and selling the electricity generated.

It will also provide consultancy services in the areas of coal mining and power generation.

It has special significance in the light of integrated energy policy of the country where coal is and will remain the mainstay of Indian energy sector.

The agreement was signed between NTPC Chairman and Managing Director (CMD) T Sankaralingam and SCCL Ltd CMD S Narsing Rao.

NTPC is the country's largest power generation company with an installed capacity of 27,404 MW through 25 power stations including four JV stations.

With 20.2 per cent of all India's installed capacity it contributes around 28.5 per cent of country's power generation.

UNI