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Damodar Valley Corp scraps plan to sell plant to NLC India joint venture

A bitter political spat involving the Centre and the states of West Bengal and Jharkhand has forced power utility Damodar Valley Corp. (DVC) to abandon its plan to sell a 1,200-megawatt (mw) plant to a proposed joint venture with NLC India Ltd (formerly Neyveli Lignite Corp.), putting at risk Rs21,000 crore of long-term loans that it is struggling to repay.DVC, a pubic sector enterprise jointly owned by the Centre, West Bengal and Jharkhand, had two years ago reached an agreement with NLC to transfer the Raghunathpur thermal power station to a joint venture. NLC was to hold 74% in it and DVC, 26%. As stakeholders, the Centre and Jharkhand gave their consent, but West Bengal did not.The DVC management has decided not to sell the unit, said A.....

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