NTPC (BSE: 532555) has announced that it plans to invest over $2.4bn to develop a coal mine and set up a coal-fired power plant.
Board approval has been won for the investment in the Chatti-Bariatu coal mine in Jharkhand, India.
In tandem with the mine purchase, NTPC also said it will invest in the development of a 1600 MW power plant in the central Indian state of Madhya Pradesh.
India is suffering from a critical shortage of electricity, mainly due to inadequate supply of coal to run power plants. Around 57 per cent of India’s power plants run on coal.
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