DVC walks out of joint venture with NLC

Damodar Valley Corporation (DVC) has opted out of a 5,500-crore joint venture wigh NLC India (NLCIL) for the 1,200 MW Raghunathpur thermal power plant.

In a message to stock exchanges, NLC has informed that hat DVC had communicated that the company was no more interested in pursuing the JV agreement and would like to call it off on mutually agreed basis.

It was around two years ago that NLCIL and DVC had signed an agreement for the formation of the joint venture company for acquiring DVC’s Reghunathpur thermal power station.

The scheme had envisaged NLC India acquiring 74 per cent stake in Raghunathpur project, while DVC retaining the remaining 26 per cent.

The JV was planned since the DVC had been incurring losses due to the Raghunathpur power plant. But a delay in getting clearance for the proposal from the West Bengal government did not allow the JV to take off, it is said.

Image Credit : images.financialexpress.com

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