Jharkhand and National Thermal Power Corporation (NTPC) on Sunday signed an MoU for a 4,000 MW capacity expansion of the Patratu Thermal Power Station in Ramgarh district through the formation of a joint venture company.
The memorandum of understanding was signed in the presence of union Power Minister Piyush Goyal and Jharkhand Chief Minister Raghubar Das here.
According to the Jharkhand government, the official name of the proposed venture is Patratu Vidyut Utpadan Nigam Ltd.
As part of the joint venture, NTPC will hold 74 percent share in the new holding company while the Jharkhand government will have 26 percent.
The company will set up the 4,000 MW (800 MWx5) expansion in different phases using 1,850 acres of land out of the existing 6,300 acres.
The first phase of the expansion, which would be completed in 2019-20, would be composed of three units of 800 MW (2,400 MW) while the second phase, which would be completed by 2024, would comprise two units of 800 MW (1,600 MW).
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The company will also renovate several units of the power plant.
The state government would provide land, water and coal for the plant.
Speaking on the occasion, Chief Minister Raghubar Das said: "Jharkhand will become self sufficient in power sector in next five years. The 'Make in India' programme would not be successful without Jharkhand. Jharkhand will emerge as prosperous state in the next ten years."