Assam Power Distribution Company Limited (APDCL) will get a 20 percent stake in Neyveli Uttar Pradesh Power Ltd (NUPPL), a subsidiary of NLC India Limited (NLCIL), in about two to three months from now, Prasanna Kumar Motupalli, CMD NLCIL told Moneycontrol on June 13.
The issue had been pending since last year, with the Uttar Pradesh government initially being reluctant to give away a part of its stake from NUPPL to the Assam government’s APDCL. However, now all decks are cleared and the necessary clearances have come from even the ministry of power.
NUPPL is a joint venture between NLCIL, a Navratna PSU under the Ministry of Coal, and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) of the Uttar Pradesh government with 51:49 equity participation. NUPPL is setting up a coal-based supercritical thermal power plant with a capacity of 1980 MW (3 X 660 MW) at Ghatampur in Uttar Pradesh.
On June 13, NUPPL signed a power purchase agreement (PPA) with APDCL to supply the latter 492.72 MW from the Ghatampur plant. The PPA has been signed for 25 years.
“As per the Ministry of Power’s directions, 75 percent of the electricity generated from the Ghatampur supercritical thermal power plant will go to UPRUVNL and the remaining 25 percent will now go to the Assam government’s discom, for which the PPA was signed today,” Motupalli said.
He added that in addition, the Assam government will also buy a 20 percent stake in NUPPL. This process is likely to be completed in two months or so. The 20 percent stake is to be given from the share of UPRUVNL. Once completed, NLCIL will have 51 percent stake, UPRUVNL will have 29 percent and APDCL will have 20 percent stake.
The Ghatampur supercritical coal-fired power plant is going to be commissioned by March 2024. The plant is being built at a cost of Rs 19,200 crore, of which around Rs 15,800 crore has been utilised.
Download App Now
