Neyveli Lignite Corporation has reported a 37 per cent growth in net profit for the fourth quarter of 2014-15 as compared with the corresponding quarter previously.

For the quarter ended March 31, 2015, the public sector company reported a net profit of ₹676.81 crore (₹494.43 crore) on a total income of ₹1,682.09 crore (₹1,709.89 crore) for the quarter.

For the entire year, the company, which is into lignite mining and power generation, reported a net profit of ₹1,579.68 crore (₹1,501.88 crore) on a total income of ₹6,087.68 crore (₹5,967.23 crore).

Investment decision

Addressing a press conference on the company’s performance, B Surender Mohan, Chairman and Managing Director, NLC, said the company has approved an investment decision to establish the Bithnok Lignite Mine at a cost of ₹2,700 crore linked to a thermal plant with a capacity of 250 MW; and approved plans to set up the Barsingsar Thermal Power Station and lignite mine in Hadla at a total cost of ₹2,628 crore. Mohan said that NLC is looking at reviving a project for lignite mining and power at Jayankondam in Tamil Nadu, though on a smaller scale than earlier envisaged.

Previously, NLC and the State government had planned a 1,500-MW power plant with a 10 million tonne a year lignite mine. But the project, which was conceived in the 1990s, was shelved due to land acquisition issues.

Now, the State has asked NLC to set up a smaller plant of about 500 MW linked to a lignite mine of about 5 million tonnes a year on land available with it.

NLC will consider the project if the government allocates possession of the land, he said.

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