By Bizodisha Bureau, Bhubaneswar, July 9, 2026: A Navratna PSU National Aluminium Company Limited (NALCO) has signed a Joint Venture (JV) Agreement with NLC India Limited (NLCIL) to establish a 1,080 MW captive thermal power plant at Angul, Odisha. The agreement was signed on July 8, 2026, according to the company’s stock exchange filing.

The two public sector companies will incorporate a Joint Venture Company (JVC) with an equal 50:50 equity partnership to develop the 4×270 MW thermal captive power plant. The project will primarily meet the power requirements of NALCO’s 0.5 million tonnes per annum (MTPA) aluminium smelter expansion project at Angul.

In a regulatory filing, NALCO elaborated that the two public sector enterprises have signed a Joint Venture-cum-Shareholders’ Agreement (JVA) to create a 50:50 joint venture company to develop a 4×270 MW (1,080 MW) thermal captive power plant at Anugul, Odisha.

Apart from the thermal power project, the partners will also explore securing 200-250 MW of round-the-clock renewable energy (RE-RTC) through long-term arrangements. The agreement further includes plans to establish long-term coal supply mechanisms for the project.

The JV Company would execute a 25-year Power Purchase Agreement (PPA) with NALCO for 100 per cent power off take under Section 62 of the Electricity Act, 2003. In addition, NLC India will enter into a Fuel Supply Agreement (FSA) to provide coal at Coal India-notified prices, ensuring fuel security for the power plant.

A Navratna public sector enterprise under the Ministry of Mines, NALCO’s operations include the Panchpatmali bauxite mines, the Damanjodi alumina refinery in Koraput district, and the Anugul aluminium smelter, along with captive power generation and coal mining facilities. The Government of India currently holds a 51.28 per cent equity stake in the company.

The new JV is expected to reinforce NALCO’s integrated aluminium production network while supporting its ongoing capacity expansion plans.