Ranchi, May 30: Babulal Marandi-led JVM today promised to hold a maha-panchayat on June 5 to launch an agitation against the state government's unilateral decision to float a joint venture company with NTPC to run the Patratu Thermal Power Station (PTPS) without calling for tenders.

Addressing a press conference, JVM general secretary Pradeep Yadav said the joint venture was an attempt to "fool" the people of the state, adding, "If the state government's intention had been so true, it would have invited an open tender for the joint venture and not signed an MoU that favours National Thermal Power Corporation."

Surprisingly, Yadav, who was speaking to newspersons at his Doranda home, was accompanied by Roshan Lal Choudhary, a senior leader of Ajsu which is a member of the BJP-led coalition government in the state, and is the elder brother of Ajsu minister Chandraprakash Choudhary.

"In the MoU, the rate of power has not been mentioned. All the terms and conditions favour NTPC," Yadav alleged and went on to elaborate.

"The MoU mentions NTPC will provide 85 per cent power to the state if the Union government agreed. The MoU says NTPC will produce power at a cheaper rate in case the state government provides 119 cusecs of water for using the technology required to produce power at cheaper costs.

"But, the capacity of Patratu dam is only 60 cusecs. It means it will not be able to produce power at low cost and the state government will not be able to mount any pressure on it," he claimed.

The state government's intention, he alleged, was doubtful as it had asked Mecon to assess the value of Patratu Thermal Power Station and the PSU had valued it at only Rs 7,469 crore.

"This is wrong as PTPS owns 6,200 acres of land which is worth about Rs 24,800 crore. If the other infrastructure is taken into account, the assets of PTPS will he much more than what Mecon has assessed," he said.

Ajsu's Roshan Lal Choudhary, who surprised everyone by his presence at an Opposition party's press conference, said speaking up against the PTPS deal was the need of hour.

"The state government has done wrong. Thus I, in my individual capacity, have decided to fight... I have floated PTPS Bachao Sangharsh Samiti. I am its convenor. There are several BJP leaders with me, too," he claimed.

On May 2, the state cabinet headed by chief minister Raghubar Das cleared the decks for converting PTPS into a joint venture company, Patratu Vidyut Utpadan Nigam Limited (PVUNL), with NTPC, which would have 74 per cent stake.