The board of directors of NLC India Ltd. approved a proposal on Thursday to enter into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd. for setting up a lignite-based thermal power station and developing the mines to meet the fuel requirement of the plant.
At a meeting, the board also approved a proposal to form a joint venture company with RVUNL through NLC India Renewables Ltd., a wholly owned subsidiary, for developing renewable power projects of capacity of up to 2,000 megawatts, according to an exchange filing.
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The joint venture will be subject to approval from the Government of India and other statutory approvals.
Shares of NLC India closed 0.72% lower at Rs 274.15 apiece on the BSE, compared to a 0.43% advance in the benchmark Sensex.
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