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New Delhi, April 24

The Union Cabinet today gave its approval for Neyveli Lignite Corporation’s 2x500 MW coal-based thermal power project at Tuticorin in joint venture with Tamil Nadu Electricity Board. The estimated cost of the project is Rs 4,909.54 crore on April 2007 price level. The project would be implemented through the joint venture company by the name NLC-Tamil Nadu Power Ltd. While NLC will have 89 per cent shareholding in the joint venture, the remaining stake would be with TNEB. The Cabinet also approved signing and ratification of bilateral investment promotion and protection agreement with Bangladesh.

— Our Bureau

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