The joint venture will develop solar and thermal power assets to the tune of 5,000 megawatts.

NLC, Coal India form JV to develop solar and thermal power assets/

Government-owned mining majors NLC India Ltd and Coal India Ltd have formed a joint venture to develop solar and thermal power assets to the tune of 5,000 megawatts of power.

Both companies will hold equal 50:50 equity in the joint venture company.

"This marks a new era in the power sector with synergy and expertise of two central public sector undertakings under the Ministry of Coal," NLC India said in a statement.

The company -- earlier known as Neyveli Lignite Corporation -- has a power generation capacity of 5,192 megawatts besides lignite mining capacity of 30 million tonnes per annum.

Its projected capital expenditure up to the year 2025 is ₹1.28 lakh crore with a debt-equity ratio of 70:30.

Coal India is the single largest coal producer worldwide and operates through 83 mining areas spread over eight states in India. It produces 607 million tonnes of coal annually.