Neyveli Lignite enters into JV with Mahanadhi Coal Fields and Hindalco for Talabira Coal Blocks

Neyveli Lignite Corporation Ltd has announced that the Company has entered in to a Joint Venture Agreement (JVA) with Mahanadhi Coal Fields Ltd (MCL), a subsidiary of Coal India Ltd and Hindalco Industries Ltd (HIL) for developing and mining Talabira II & III coal blocks. The above JVA is subject to the final approval of GOI and the respective Boards.

The Joint Venture Company (JVC) will have a coal mining capacity of 20 MTPA and the Company and HIL will hold 15% each in the equity share capital of JVC, while MCL will hold 70%.

The stock closed the day at Rs.62.95, down by Rs.0.35 or 0.55%. The stock hit an intraday high of Rs.64.50 and low of Rs.62.65. The total traded quantity was 57097 compared to 2 week average of 86831.

Source : Equity Bulls

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