NLC India Ltd and Coal India have signed an agreement for formation of a Joint Venture Company (JVC) to develop solar and thermal power assets to the tune of 5000 MW on pan-India basis.

The equity participation in the proposed JVC between Coal India and NLC will be in the ratio of 50:50.

The agreement was signed by Director (Planning & Projects), NLC India Ltd and Director (Technical), Coal India Ltd in the presence of Chairman-cum-Managing Director, Functional Directors & other senior officials of both the companies on Friday, according to a statement.

This joint venture company marks a new era in the power sector, with the synergy and expertise of two central public sector undertakings under the Ministry of Coal, it said.