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New UserJV company formed for mining two coal blocks in Odisha
22 Apr 2016
The Odisha Power Generation Company Limited (OPGC) and Odisha Hydro Power Corporation Limited (OHPC) on Thursday inked an agreement to form a joint venture firm with a target to start production from Manoharpur and dip-side Manoharpur coal blocks by April 2019.
The new company, Odisha Coal and Power Limited (OCPL), will develop and operate the two coal blocks to meet the fuel requirement of OPGC's 4x660MW power project at Ib Thermal Power Station.
While OPGC has a stake of 51 per cent in the joint venture, the remaining 49 per cent rests with OHPC, as per the agreement signed in the presence of Odisha's Energy Minister Pranab Prakash Das.
"I hope OCPL will progress in leaps and bounds and will surely commence production at the coal blocks before the scheduled date," Das said.
OCPL would have seven directors on the board -- four directors from OPGC and three from OHPC would be nominated by their respective boards. The Principal Secretary of the Energy Department would be the chairman of the company.
Allotment Order for two coal blocks - Manoharpur and dip-side Manoharpur in Sundargarh district of Odisha was issued by the Ministry of Coal on August 31, 2015.
Source; TOI