Neyveli gains as govt approve JV for thermal power project in UP

MUMBAI: Neyveli Lignite Corporation ( NLC) gained over 4 per cent on bourses as the government approved a proposal of the company for setting up a Rs 10,000-crore thermal power project in Uttar Pradesh.

Following the news, shares of the company saw a spike of about 9 per cent during the day and reached a high of Rs 92.90 on the BSE. Later, the scrip pared some gaines and ended 4.45 per cent higher at Rs 89.15. Similarly, at the National Stock Exchange, NLC surged 4.46 per cent to end at Rs 89.

The Cabinet today approved the proposal of NLC for formation of a joint venture company with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd to set up a thermal power project in Uttar Pradesh.

The JV will install 1,980 MW coal-based thermal power project at Ghatampur in Kanpur Nagar District of Uttar Pradesh.