Indian government owned iron ore miner NMDC is in talks with NTPC and SAIL to set up a 250 mw coal-based power plant on joint venture basis, sources said.
The power plant is proposed to feed the electricity requirements of NMDC's upcoming 3 million tonne steel plant at Chhattisgarh's Nagarnar, which is being constructed at a cost of Rs 15,525 crore.
The plant, slated for commissioning by 2015-end, will mark NMDC's entry into the steel sector. According to sources, PFC Consulting (a subsidiary of Power Finance Corporation) is helping NMDC in selecting the JV partner and other related issues in setting up the power plant.
Construction of the power plant, at 250 mw capacity, would need an investment of over Rs 1,200 crore, which will be decided as per the shareholding agreement with the JV partner, they said. Besides, NMDC would be retaining a minimum of 26 per cent stake in the venture and will source a minimum 51 per cent power from the plant, they added.
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