Executive SummaryNational Aluminium Company Ltd (NALCO) and NLC India Ltd have executed a 50:50 Joint Venture (JV) agreement to develop a 1,080 MW (4x270 MW) captive thermal power plant in Angul, Odisha. This asset will secure baseload power for NALCO’s 0.5 MTPA aluminium smelter expansion while leveraging NLC India's fuel supply ***** Deal Metrics & StructureOff-take Visibility: The JV provides absolute demand certainty, backed by a 25-year Power Purchase Agreement (PPA) wherein NALCO commits to 100% of the power ***** Cost Hedging: To insulate the plant from open-market fuel volatility, the JV will sign a Fuel Supply Agreement (FSA) with NLC India, securing coal at Coal India’s notified benchmark ***** Mix Diversification: Beyond thermal power, the partners are exploring long-term arrangements for 200–250 MW of round-the-clock renewable energy (RE-RTC) to optimize future power blending and ESG ***** Both state-owned entities will hold equal equity and board representation. The deal is exempt from standard related-party transaction limitations under the Companies Act, ***** Guidance & FY27 OutlookNALCO's management issued strong forward-looking guidance, targeting ₹19,000 crore in FY27 revenue.

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