NLC India, NALCO to set up 1,080 MW captive power plant in 50:50 JV

NLC Indiaon Tuesday, September 29, said its board has approved the formation of a 50:50 joint venture with National Aluminium Company (NALCO) to develop a 1,080 MW thermal captive power plant.

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+ Follow on Google Add as preferred source NLC India on Tuesday, September 29, said its board has approved the formation of a 50:50 joint venture with National Aluminium Company (NALCO) to develop a 1,080 MW thermal captive power plant.

The proposed joint venture, which will be incorporated in India as NLC NALCO Power Limited or another name approved by the Ministry of Corporate Affairs, will develop the power project in phases, NLC India said in a regulatory filing.

The plant will comprise four units of 270 MW each and is primarily intended to meet NALCO’s captive power requirements.

The joint venture will also explore opportunities for entering into long-term power purchase agreements for NALCO’s renewable energy requirements, the company said.

The proposed joint venture is subject to statutory and administrative approvals and compliance with applicable guidelines issued by the Department of Investment and Public Asset Management (DIPAM).

NLC India said the Ministry of Coal, through a letter dated September 8, 2026, had conveyed DIPAM’s approval for the formation of the joint venture with NALCO.

The proposed entity will operate in the thermal power generation sector, with NLC India and NALCO each holding a 50% stake.

Both companies will subscribe to the joint venture’s equity shares in cash, with the shares carrying a face value of ₹10 each.

The joint venture announcement comes as aluminium producers continue to monitor the outlook for aluminium and alumina prices.