Mumbai: State-run National Thermal Power Corp (NTPC) on Monday said it has signed an agreement with the Bihar government and the Bihar State Electricity Board (BSEB) to promote a joint venture company.
The Memorandum of Understanding was signed with the two on October 14, NTPC said in a communique to the Bombay Stock Exchange.
“The joint venture company will help in establishing and operating a 3X660 MW coal-based thermal power project at Nabinagar site in Aurangabad district in the Slate of Bihar,” the power major said.
The joint venture shall have equal participation between NTPC and BSEB with power allocation to BSEB upto 75%, the company informed.
Also, the remaining power shall be with the company for supply to other states, NTPC said.
Shares of the company were last trading 3.08% up at Rs224.50 at the BSE.