The NLC India board approved the incorporation of a joint venture company with National Aluminium Company Limited (NALCO) at its meeting on September 29, 2026, according to a BSE filing. The proposed venture will develop a 1080 MW thermal captive power plant in phases to meet NALCO’s captive power requirements.

NLC India and NALCO will each hold a 50% equity stake in the proposed company. The plant will comprise four units of 270 MW each. The board’s decision covers the formation of the venture; the filing describes the company as yet to be incorporated.

The approved proposal also includes exploring options for a long-term power purchase agreement (PPA) for NALCO’s renewable energy requirements. The filing presents this as an option to be explored, without reporting a concluded renewable energy PPA.

Proposed company and equity terms

The venture is proposed to be named NLC NALCO Power Limited, or another name made available or approved by the Ministry of Corporate Affairs. It will be incorporated in India and operate in thermal power generation.

The annexure accompanying the board outcome sets out the proposed ownership and subscription terms:

  • NLC India and NALCO will participate equally in the venture’s equity.
  • The partners will subscribe to equity shares through cash consideration.
  • The shares will be acquired at their face value of Rs 10 each.

The filing does not disclose the total equity subscription amount, the project cost or a commissioning schedule. It specifies phased development of the four-unit plant without setting out individual phase timelines.

Approval position

The Ministry of Coal, through a letter dated September 8, 2026, conveyed DIPAM’s approval for forming the joint venture between NLC India and NALCO, according to the annexure.

The board-approved proposal remains subject to various statutory and administrative approvals and compliance with DIPAM guidelines as may be prescribed. The disclosed approval for forming the venture therefore sits alongside these further conditions.

NLC India submitted the board meeting outcome under Regulations 30 and 51 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company is identified on BSE by scrip code 513683 and on NSE by the symbol NLCINDIA.