West Bengal blocks decision to sell majority stake of a 1,200 MW thermal plant to NLC India
Posted on
A dispute between the center, West Bengal, and Jharkhand has caused power utility Damodar Valley Corp. (DVC) to abandon its plan to sell a 1,200 MW thermal power plant to a proposed joint venture with NLC India Ltd, putting at risk $3.2 billion of long-term loans that it is struggling to repay. DVC, which is jointly owned by the center, West Bengal, and Jharkhand, had reached a tentative agreement to transfer a 74 percent stake to NLC. The center and Jharkhand have agreed to the deal, but West Bengal did not.
Source:
Livemint 