Ranchi, April 4: All 10 units of Patratu Thermal Power Station (PTPS), Jharkhand's oldest thermal power generating unit, along with 1,434 acre of land, were today transferred to the newly formed Patratu Vidyut Utpadan Nigam (PVUNL) at a simple ceremony, paving the way for setting up a mega 4000 MW power plant.

PVUNL was incorporated as a joint venture company of Jharkhand Bijli Vitaran Nigam (JBVNL), the state-owned power distribution company, and National Thermal Power Corporation (NTPC) on October 15, 2015 to revive the aging PTPS and set up a new, 4000 MW Greenfield thermal power plant on the existing premises.

While JBVNL holds 26 per cent stake, thermal power giant NTPC holds majority stake of 74 per cent in the new joint venture company.

A puja was also held at the new site office of PVUNL within PTPS, which was inaugurated today by Rahul Purwar, the MD of JBVNL.

"We have transferred the needed assets to PVUNL so that the new joint venture company can finally take off. Official functions like laying the foundation stone for the new power plants would follow," the MD said.

Purwar said that the proposed 4,000 MW Greenfield project would comprise five units, each with installed capacity of 800 MW. While three units would begin generating 2,400 MW by 2019-20, another two units would begin generation of 1,600 MW by 2022-23.

An MOU was signed between the state government and NTPC on May 3, 2015 for the proposed Greenfield project. This was followed by a joint venture agreement, which was signed on July 29, 2015 by the state government, Jharkhand Urja Vikas Nigam (JUVNL), Jharkhand Urja Utpadan Nigam (JUUNL), Jharkhand Bijli Vitaran Nigam (JBVNL) and NTPC to form the JV for the transfer of Patratu thermal station.

Later, talking to newsmen at the PTPS Circuit House, Purwar assured all employees of TPS that there would be no retrenchment of existing staff and officers.

"In order to meet the immediate power requirements of the state, the new joint venture company, PVUNL, shall maintain the current generation of 115 MW to 120 MW from the three PTPS units, numbers 4, 6 and 10. Two units, 7 and 9, will be revived after which unit numbers 4 and 6 shall be phased out," he explained.

He added that units 1, 2, 3, 5 and 8 were in the process of being phased out as per Central Electric Authority recommendations.

Ramgarh deputy commissioner A Dodde, NTPC's C.V. Subramaniam, JUVNL director C. Sudhanshu Kumar were among those who were present at the function today.