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Damodar Valley in JV with NLC for Raghunathpur plant

Updated: May 19, 2016 10:50 am

22-05-2016Neyveli Lignite Corporation (NLC) and Damodar Valley Corporation (DVC) are planning a joint venture for hiving off the latter’s loss-making Raghunathpur Thermal Power Station (RTPS), according to a top official. DVC, whose losses stood at Rs. 1,334 crores in 2014-15, was looking to hive off the plant due to its huge debt servicing obligation of about Rs.50 crores monthly.  “ NLC and DVC would become a win-win situation for both,” told DVC Chairman Andrew W Langstieh. NLC will hold 76 per cent equity in the new company that would have to be floated for the purpose with DVC holding the balance. “The proposed joint venture, if we get the necessary approvals, should become a nice fit,” the DVC chairman said. He also said permission had been sought from DVC’s stakeholders.

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