NLC shortlists GMR, Ind-Barath power projects for acquisition

NLC shortlists GMR, Ind-Barath power projects for acquisition

In deals potentially valued at around Rs12,000 crore, state-owned NLC India Ltd has shortlisted for acquisition GMR Group’s 1,370 megawatt (MW) coal power project in Chhattisgarh and Hyderabad-based Ind-Barath Power Infra Ltd’s 700MW plant in Odisha.

NLC, earlier known as Neyveli Lignite Corp. Ltd, will shortly hire two consultants—one each from the public and private sectors to carry out the due diligence, said Sarat Acharya, chairman and managing director, NLC India on the sidelines of Global Natural Resources Conclave organized by Network18 and the Confederation of Indian Industry.

The public sector unit plans to acquire 3,000MW of stressed power generation capacity, driven by its strategy of using the revenue generated from running such projects to finance capital expenditure.

“Others had come as part of the process that we have been running for stressed power projects acquisition. We are also setting up a power generation capacity of 7,000MW, which will take around six years for commissioning. Acquiring such stressed projects will allow us to generate electricity and start cash flows,” Acharya added.

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Story Credit- The Live Mint

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