NTPC, RVUNL sign pact to jointly own, operate 230 MW Chhabra Thermal Power plant

NTPC has signed an agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL) to jointly own and operate Chhabra Thermal Power Plant in Rajasthan.

The joint venture agreement between the two entities was signed on Monday, NTPC said in a regulatory filing.

RVUNL has a 2,320 MW plant at Chhabra in Rajasthan.

"Both Parties have mutually agreed to form a 50:50 partnership joint venture company which will own and operate the said power plant and also explore opportunities for its capacity expansion," it said.

As per the agreement, Both entities have equal rights to appoint directors. However, the management control shall remain with NTPC.

NTPC has the right to appoint Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Chief Operating officer (COO), the filing said.