NLC India’s shares surges over 4% after JVs with Rajasthan Government for power and thermal project

As of the latest regulatory filings with the stock exchanges, NLC India Limited has signed two Joint Venture (JV) Agreements with Rajya Vidyut Utpadan Nigam Limited (RVUNL). The first JV agreement is setting of the three 125 MW lignite-based thermal power stations in Rajasthan, along with the development to meet the fuel requirement of the station. 

The initial paid-up capital will amount to Rs. 5 lakh, contributed by NLC India and RVUNL in a ratio of 74:26. The Joint Venture Company (JVC) will issue equity shares at a par/face value of Rs. 10 each per share.

The second agreement involves NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India Limited, which has partnered with RVUNL to develop 2000 MW of renewable power projects in Rajasthan. 

Earlier also, NLC India Limited entered into a Power Usage Agreement in Hyderabad with Telangana State DISCOMs for 200 MW of solar power, offered at a competitive and affordable price under the CPSU scheme for a duration of 25 years.  

During Thursday’s trading session, the shares of a Navratna Government of India Enterprise under the Ministry of Coal surged 4.5 percent to Rs. 254.2 on BSE, after signing two Joint Venture (JV) Agreements with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL). 

With a market cap of Rs. 34,527.3 crores, the shares of NLC India Ltd surged and were trading in the green at Rs. 249, up by nearly 2.4 percent, as against its previous closing price of Rs. 243.25.