NTPC on Monday said it has signed a pact with Jharkhand government for setting up a 4,000 MW power plant in the state.
The power producer would establish a joint venture with Jharkhand Bidyut Vitaran Nigam Ltd for the project as well as for reviving the Patratu Thermal Power Station (PTPS) in Jharkhand. In the JV, NTPC would have 74 percent stake.
"(It will help) Build an efficient super critical project of 4,000 MW in two phases, provide cheap and affordable 24X7 power supply to every household and adequate power for farmers in Jharkhand," the company said in a statement. This will also increase earning opportunities to many service providers to this "important project of the size of a UMPP", it added.
The JV will be a great step towards performance improvement of existing station from 15 percent plant load factor (PLF) to 82 percent to give more power to Jharkhand immediately, it said.
The partnership will also enable rapid industrialisation, which will provide massive employment to youth in the state. The state government will become a partner in this project without investing any additional capital. The JV company will give employment to all the employees working at the old station, it said.
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