NLC India signs Odisha MoUs for a 3,200 MW coal plant, put at ₹35,000 crore

What happened

• The memoranda were signed in Mumbai on 22 October by NLC India's executive director I.S. Jasper Rose and IPICOL's managing director Aboli Sunil Naravane, per PSU Watch. Odisha Chief Minister Mohan Charan Majhi and NLC India's chairman-cum-managing director Prasanna Kumar Acharya were among those present.
• The power plant is a 3,200 MW ultra-supercritical coal-based project of four 800 MW units, with an investment of ₹35,000 crore and about 4,000 jobs, per PSU Watch. The beach-sand mineral processing facility has a tentative outlay of ₹2,000 crore and about 500 jobs.
• The third memorandum covers an assessment of coal gasification to make synthesis gas for fertiliser, according to Sahi. Whalesbook put the combined investment at ₹37,000 crore.
• Whalesbook published at 8:12 PM and Sahi at 8:28 PM on Thursday. NLC India's shares closed at ₹233.55 on Thursday, per Zerodha Kite, before the reports.

Why it matters

Whalesbook describes the agreements as non-binding expressions of intent. The three reports read do not state a construction timeline.

Good to know: A memorandum of understanding records an intention to cooperate on a project. It is not in itself a contract to build it.

Key facts

Thermal plant

3,200 MW (4 x 800 MW), ₹35,000 crore, about 4,000 jobs

Beach-sand mineral unit

Tentative ₹2,000 crore, about 500 jobs

Counterparty

IPICOL, Odisha; signed in Mumbai on 22 October 2026

Combined investment

₹37,000 crore, per Whalesbook

Read the source

• NLC India Signs Odisha MoUs Targeting Rs 37000 Crore Industrial InvestmentWhalesbook
• NLC India signs MoUs with Odisha Govt for Rs 35,000 crore power plant, coal gasification projectsPSU Watch
• NLC India Signs IPICOL Pact For 3,200 MW Power Plant And ₹2,000 Crore ProjectSahi

NLC India in the news before

1. 1 OCT 2026 · CORPORATE ACTIONSNLC India and NALCO set up a 50:50 JV for a 1,080 MW captive power plant