Power major, NTPCBSE -0.22 % and aluminium manufacturer Nalco will float a 50:50 joint venture to set up a 2400 MW (3X 800 MW ) coal based power project at Gajmara, Dhenkanal in Odisha.
Power from the plant would meet increased power requirements at Nalco’s Angul facility. It will also supply power to the aluminium manufacturer’s greenfield project at Kamakhyanagar in Odisha’s Dhenkanal.
Coal from the mines allocated to Nalco shall be linked to the Joint Venture project at Gajmara.
“The two leading central public sector companies are synergizing their respective domain expertise to fuel economic growth of India in general and state of Odisha, joint venture agreement, power purchase agreement shall be fast tracked and be in place by the end of the current financial year,” a statement released by NTPC mentioned.
The Joint Venture between NTPC and NALCO has a potential to create value for both the companies’ which have public equity. The aluminium smelter projects and power project will act as a catalyst for industrial growth in the region creating avenues of tangible and intangible benefits for the people of the state and generate direct and indirect employment for engineers, supervisors, skilled, semi-skilled and unskilled workers.
