NTPC Limited has signed a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) for Chhabra Thermal Power Plant on 4th November 2024. Purpose of entering into the agreement: RVUNL has 2320 MW (Stage-1: 4x250 MW Units & Stage-2: 2x660 MW Units) plant at Chhabra and both Parties have mutually agreed to form a 50:50 partnership JV Company which will own and operate the said power plant and also explore opportunities for its capacity expansion. Significant terms of the agreement (in brief) special rights like right to appoint directors, first right to share subscription in case of issuance of shares, right to restrict any change in capital structure etc.: (i) Both entities have equal rights to appoint directors.

(ii) Management control shall remain with NTPC. (iii) NTPC Limited has right to appoint Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Chief Operating officer (COO). (iv) Right to first Refusal to the other Promoter in case of share selling.