Patratu Vidyut Utpadan Nigam Limited

A Subsidiary of NTPC Ltd in JV with JBVNL

Patratu Vidyut Utpadan Nigam Limited
Operator and installer of power generation plants
• Incorporated on 15.10.2015, PVUN
Limited is a joint venture of a subsidiary
of NTPC Ltd with shareholding of 74%
and Jharkhand Bijli Vitran Nigam Limited
(JBVNL) with shareholding of 26%.
• The PVUNL is formed to install 4000
MW coal based thermal power plant
consisting of 5 units of 800 MW each
which is to be implemented in two phases
(Phase I : 3 x 800 MW and Phase II : 2 x
800 MW)
• Presently the JV Company is pursuing the
Phase-I (3 x 800 MW) of Capacity
addition.
• At least 85% of power from the project
will be allocated to State of Jharkhand
subject to approval of Ministry of Power.
• Registered office at NTPC Bhawan, Core-
7, Scope Complex, 7, Institutional Area,
Lodi Road, New Delhi -110003
Vision
Mission

 To become an efficient and sustainable

power generator contributing towards
development of Jharkhand and the
Nation.

 To provide reliable and affordable power in most

efficient and environment friendly manner, by
adopting new technology and by optimal
utilization of resources.
 The Government of Jharkhand is desirous of improving the performance of PTPS located
at Patratu, District- Ramgarh, Jharkhand.
 For Revival, refurbishment, renovation, modernization and expansion of capacity of the
project through 5 new units in 2 phases with a total generating capacity of 4000 MW.
 A Memorandum of agreement (MoA) was entered into by and between the Government
of Jharkhand, JVUNL, JUUNL, JBVNL and NTPC on May 3, 2015 inter alia to-
 A. Incorporate Joint Venture Company with NTPC and JBVNL.
 B. Transfer the specified assets of the project to the JVC to enable the JVC to undertake its
business
Joint Venture Agreement
(JVA)
Joint Venture Agreement made on this 29th July, 2015 at Ranchi, Jharkhand by and amongst-
1. NTPC Limited
2. Jharkhand Bijli Vitran Nigam limited (JBVNL)
3. Government of Jharkhand (GoJ)
4. Jharkhand Urja Vikas Nigam Limited (JUVNL)
5. Jharkhand Urja Utapadan Nigam Limited (JUUNL)

for Performance improvement of existing capacity expansion of Patratu Thermal Power Station.
 Where as
1. NTPC Limited
 NTPC became a Maharatna company in May
2010.
 NTPC is India’s largest energy conglomerate
with roots planted way back in 1975 to
accelerate power development in India.
 Since then it has established itself as the
dominant power major with presence in the
entire value chain of the power generation
business.
 NTPC is having expertise and strength in
areas such as setting up, operation and
maintenance of power plants and sale of
power to various state power utilities and
other bulk customers.
2. Jharkhand Bijli Vitran
Nigam limited (JBVNL)
• JBVNL is a state-owned company in the State
of Jharkhand .
• JBVNL started operations on 6th Jan, 2014,
after the unbundling of the erstwhile Jharkhand
State Electricity Board (JSEB) in the year 2013.
• JBVNL is the largest DISCOM utility of
Jharkhand State, incorporated primarily to carry
out distribution of electricity to retail and bulk
consumers in the state of Jharkhand.
• The company is involved in distribution of
electricity to different categories of consumers
like HT, LTIS, DS, NDS, IAS, etc. in 7 electric
supply areas, viz. Ranchi, Dhanbad,
Singhbhum, Hazaribagh, Giridih, Dumka and
Medininagar.
3.Government of 4. Jharkhand Urja Vikas
Jharkhand (GoJ) Nigam Limited( JUVNL)
 The Governor of Jharkhand represented by
Principal Secretary (Energy),(hereinafter referred  JUVNL incorporated under the
to as the "Government of Jharkhand" or "GoJ") Companies Act, 1956.
 JUVNL is the incorporated Power
Holding Company in the State of
Jharkhand by unbundling of erstwhile
Jharkhand State Electricity Board (JSEB)
 JUVNL envisions contributing for all
round development and ushering
prosperity by catering all generation,
transmission and distribution of power
related requirements within the state of
Jharkhand.
5. Jharkhand Urja Utapadan Nigam Limited (JUUNL)

• JUUNL is incorporated under the Companies Act, 1956, by virtue of 'The Jharkhand State
Electricity Reforms Transfer Scheme 2013' under The Electricity Act, 2003.
• JUUNL is a power generating utility of the Government of Jharkhand, having its head office at
HEC Dhurwa, Ranchi, in the State of Jharkhand.
1. Object and Business of PVUNL

 To acquire, establish, operate, maintain, modernize the performing existing units and Tie-
lines, sub-stations and main power transmission lines connected therewith and setting up
of the new units and operating and maintaining the units assigned to it by the Govt of
Jharkhand.
 Development and operation of coal mines.
 To carry on all or any of the business of generation, supply, distribution, transformation,
conversion, production, buying, selling, re-selling products derived from or connected
with any other form of energy including any product or services or products derived from
or connected with electrical power/electricity.
2. Conditions precedent
 The authorized share capital of the PVUNL shall be increased to Rs. 500,00,00,000 (Rupees five hundred
crores only).
 JBVNL undertaking and confirming that JBVNL shall first purchase the power as per JVA from the PVUNL,
before exploring the option of purchasing power from any third party.
 The GoJ confirming and undertaking to provide a reasonable and appropriate guarantee to secure
payments from JBVNL towards the purchase of electricity from the PVUNL.
 Transfer of the captive coal block, allocated to JUUNL for end use of the project, to the PVUNL.
 The GoJ providing water linkage 27 and 13 cusecs of water for the Phase-I & Phase-II based on air cooled
condenser-based technology respectively.
 NTPC shall provide funds to the PVUNL as required, in accordance with the terms and conditions of this
agreement.
 NTPC shall assist the PVUNL in taking up the matters regarding various aspects of environment and forest
with the Ministry of Environment and Forest (MoEF) for obtaining clearance from the same.
Satisfaction of the condition
precedent

Each party and the confirming parties shall ensure that all the conditions precedent are satisfied by that party and /or confirming parties. Each
party and the confirm parties shall confirm and certify, along with supporting documents, that all the precedent have been duly satisfied.
Satisfaction of the condition
precedent

Each party and the confirming parties shall ensure that all the conditions precedent are satisfied by that party and /or confirming parties. Each
party and the confirm parties shall confirm and certify, along with supporting documents, that all the precedent have been duly satisfied.
 3. Roles and Responsibilities of the Parties and
Confirming Parties
A. JBVNL and the Confirming Parties

 Shall facilitate acquisition of the identified land for the project & associated facilities, and handover
physical possession of the land to the PVUNL.
 Shall facilitate to provide all approvals from the Government of Jharkhand to ensure due
implementation of the project in timely manner.
 Shall facilitate the transfer of captive coal block allocated to JUUNL, to the PVUNL.
 Sale of Power by PVUNL shall be at the bus bar of generating station, Evacuation of the power shall be
the responsibility of JBVNL, JBVNL shall ensure availability of adequate transmission system for
evacuation of power generated from existing station.
 JBVNL/JUUNL shall provide suitable space/building for office, accommodation, transit camp facility etc.,
as available with them to the deputed employees of NTPC on a chargeable basis and on terms mutually
agreed between JV Partners.
 JBVNL shall purchase 100% of the power from the existing units and 85% of the power generated from the
new units for the state of Jharkhand.
 The sale of power from PVUNL to JBVNL shall be as per tariff determined by CERC.
 In case of default by JBVNL in payment of its dues for purchase of electricity from PVUNL, PVUNL shall have
the right to sell the power to other customers.
 Government of Jharkhand shall extend full support by way of maintaining Law and Order and facilitating all
Approvals for water linkage, coal block etc.
B. NTPC Ltd.

 NTPC shall provide corporate and secretarial assistance as may be required for incorporation of PVUNL.
 NTPC shall depute required number of personnel to PVUNL on secondment basis, as per applicable NTPC
rules and regulations.
 NTPC shall provide its institutional support, wherever required by the PVUNL in expediting and obtaining
the clearances to ensure due implementation of the Project as per the Project Completion and
Development Schedule.
 NTPC shall extend all possible help and support to ensure that the PVUNL achieves and meets the schedule
for the Performing Existing Units and the New Units.
C. Patratu Vidyut Utpadan Nigam Limited
 Shall execute the Project of reviving, refurbishing, renovating, modernizing of the Performing Existing Units
and developing and installing the New Units, along with operating and maintaining the existing
generating station with its associated facilities.
 100% of the power from the Existing Units and at least 85% of power from new units shall be supplied to
State of Jharkhand.
 PVUNL shall enter into suitable contracts with NTPC such as consultancy services for overall development
and implementation of the Project.
 JBVNL is responsible for transmission of power generated by PVUNL, and no payment shall be made by
PVUNL.
 After completion of 25 years from COD of the last of the New Units, shall discuss and arrive at an
appropriate mechanism to continue the Project until its extended life after R&M, as per the applicable
R&M norms.
 Shall set up the Project as per the mutually agreed Project Completion and Development Schedule between
the Parties, based on timely receipt of all Approvals and with the systems and best practices followed by
NTPC for its own plants.
 The Project shall be constructed, maintained and operated by PVUNL as per Applicable Laws.
 Shall obtain at its own cost, all the Approvals including Environmental and Statutory Clearance required
for the Project, from the Authorities.
4. Terms and conditions of transfer
The PVUNL shall take over the Project through the Transfer Scheme to be issued, notified and published as per
the Electricity Act, 2003, with the approval of the authorities and concerned regulatory commissions.
 The Assets shall be transferred to the JVC as per the valuation determined by MECON Ltd, an independent
Third-Party valuer.
 It is specifically agreed between the Parties and the Confirming Parties that the Project shall include all the
tangible and intangible assets, rights interests and privileges that are under the ownership, possession and
control of the Government of Jharkhand, JUUNL and/or JBVNL at the time of Transfer Date.
 Land for Existing Units- 200 Acres on which the Existing Units are running shall be granted at Nominal
lease rent until the completion of Phase-I.
 Land for Phase-I (3*800 MW): 1234 acres shall be transferred to PVUNL on the circle rate for industrial
purpose as on 03 May 2015.
 Land for Phase-II(2*800 MW): 425 acres for phase-II of new units, shall be transferred to PVUNL at the
circle rate prevailing at the time of commencement of Phase-II.
5.Deemed Loan Amount and its Adjustment
 Out of sale consideration PVUNL shall, within 21
Business Days of the Transfer Date, pay the
Government of Jharkhand an amount of Rs. 360
Crore to enable the Government of Jharkhand to
discharge the current liabilities in the books as on
Transfer Date, in respect of the Project.
 The difference between the Transfer Consideration
and the Rs. 360 Crore shall be held as notional value
in the books of account of the PVUNL and shall be
treated as an interest bearing deemed loan at the
rate of 10% per annum from the Government of
Jharkhand to the PVUNL "Deemed Loan Amount" to
be utilized as consideration for subsequent issuance
and allotment of Shares of the PVUNL to JBVNL in its
Percentage Ownership.

LIABILITY
• Neither NTPC nor PVUNL shall bear any liability which are incurred before transferred date on assets
absorbed by PVUNL, This include but not limited to any award, decree or order of any authority in respect
of the Assets and/or the Project, passed after the Transfer Date in respect of any matter, claim or dispute
which arose before the Transfer Date.
6. Financing and further Funding

 All the further funding requirements from time to time shall be met in the manner decided by the Board
and in compliance with this Agreement.
 For project financing, borrowings from banks and/or other financial institutions, on commercially
acceptable terms, so that such financing shall be at a debt equity ratio of 70:30 (Maximum Equity), and the
same shall be on a non-recourse basis.
 Shall arrange the project finance and working capital arrangements on its own, without any recourse to the
JV Partners.
 The budgeted cost for Phase-I is Rs. 18,668 crore and is to be funded in debt: equity ratio of 3:1. REC
Limited has sanctioned the project debt of Rs.14,000 crore.
 The estimated project cost for the Banhardih coal block at would be Rs. 3,900 crore which will be
recovered at a cost-plus ROE of 14% as per CERC regulations.
 7. Preliminary
Expenses
 All the preliminary expenses in
respect of incorporation of PVUNL
and related to PUVNL which are
directly incurred in respect of the
project shall be borne by PVUNL.
8. Board of Directors
• Composition of Board of Directors shall
be as per Articles of Association subject to
Companies Act, 2013.
• Each JV Partner shall be entitled to
nominate number of directors to the
Board in proportion of their percentage
ownership.
• Appointment, nomination , removal and
filing of casual vacancy of director shall
be as per Companies Act, 2013.
• The Directors shall be entitled to such
sitting fee as may be decided by the
Board within the limits prescribed in the
Act.
 10. Board meetings
9. Chairman

 Chairman of the Board of PVUNL shall always  The Board shall be responsible for
be a Director on the board nominated by managing and supervising the business
NTPC. of the PVUNL.
 The Chairman shall preside over the meetings  Board of meetings shall be organised as
of the Board and the Shareholders Meetings
of the PVUNL and shall have a second or
per the companies act, 2013.
casting vote, in case of equality of votes.
 In the absence of chairman one of the other
directors on the board nominated by NTPC
shall be elected as the chairman for the
purpose of that meeting and he shall exercise
all the rights and powers available to the
Chairman
11.Shareholder Meeting 12.Deadlock Resolution

 The Chairman of the Board shall also be the
chairman of the Shareholders Meeting.
 meeting or shareholders meeting, each of NTPC
The quorum for a Shareholders Meeting shall be
determined in accordance with Companies Act,
2013.
 When the company proposes to undertake any
action that statutorily requires the approval of the
shareholders and/or whenever a shareholders'
meeting is called for "Shareholders Meeting“.
 The Board and the Shareholders shall be afforded
the opportunity to, and may participate in a
meeting by means of video conference or such
other means of communications as permitted
under Applicable Law.
 If due to any reason JV partners are unbale to
pass a resolution on Reserved Matter in the board
and JBVNL shall appoint one nominee, who shall
enter into good faith discussions for resolution
of the deadlock over a period of 30 days from
the date of occurrence of such deadlock.
 If such deadlock cannot be resolved within the
30 days , then a sub-committee of the Board of
Directors of the PVUNL shall be formed which
shall comprise of one Director nominated by
each of NTPC and JBVNL, who shall try and
resolve the deadlock within a period of 30 days
from the expiry of the Deadlock Discussion
Period.
13.Chief Executive Officer and Key Managerial
Personnel

 NTPC shall nominate and the Board shall appoint the Chief Executive Officer of the
company, who shall be a permanent invitee to the meetings of the Board.
 NTPC shall be authorized to replace and substitute the Chief Executive Officer.
 The functional management of the PVUNL including sourcing, purchasing, personnel,
finance and other commercial and managerial decisions shall vest with the Chief Executive
Officer.
 CEO shall have full authority and responsibility for day-to-day management and
supervision of the PVUNL and such other tasks as may be assigned to him by the Board, In
accordance with the powers delegated.
14. Transfer of Securities

 The parties agree that the JV Partners shall not transfer, directly or indirectly, any of their
respective securities or any interest or other rights therein or create any third party interest
or right in respect thereof. unless all the JV Partners agreed in writing.
 The parties agreed not to transfer its securities until the later of: (i) 5 years from the
Effective Date; or (ii) the COD of the last New Unit of Phase-I, Lock-in Period.
 In the event of allotment of Securities in Demat form, the PVUNL shall inform the
respective depositories regarding the restrictions on transferability of such securities of the
PVUNL held by the JV Partners.
15. FALL AWAY OF RIGHT

 In the event of any JV Partner's Percentage Ownership falls below 10%, the JV partners
continue to be responsible to any of its obligations, undertakings, but all rights and
benefits available to such JV Partners under this agreement and/or the articles, shall
forthwith cease to apply and expire.
 16. Accounts, Audit And Inspection
A. Accounts
 The PVUNL shall prepare books of accounts in
respect of each accounting reference period as
are required by Applicable Law, such accounts
being prepared based on Indian GAAP.
B. Inspection
 Each JV Partner shall have the right, during normal
business hours and upon reasonable written notice of
hours to the company, to inspect the books, records
and other documents of the company and to consult
with the members, directors, auditors and attorneys of
the PVUNL for the purpose of affording to the JV
Partner full opportunity to make such investigation as
it shall desire.
 Each JV Partner may conduct an audit of the business
of the PVUNL, upon reasonable notice to the PVUNL.
 Each JV Partner will be entitled to share information
received from the company with its affiliates and its
advisors.
C. Audit of the Books of Accounts

 The auditor of the PVUNL and the terms of appointment of the auditor shall be determined in accordance with
the provisions of Applicable Law.
 The PVUNL shall deliver to each JV Partner:
 (i) Audited annual financial statements within six months after the end of each financial year;
 (ii) Semi-annual financial statements, within 60 days after the expiry of every six-monthly period in a
financial year certified by the director of the company;
 (iii) Quarterly financial statements, within 45 days of the expiry of each quarter of the financial year
certified by the Director of the company;
 (iv) An annual budget for the next financial year, within 30 days prior to the end of each financial year; and
 (v) any additional information related to the operations and other activities of the company, including, any
actual or prospective material change in the affairs of the company, audited balance sheet, profit and loss
accounts etc. and any other information required.
 All financial statements shall include a balance sheet, income statement, a statement of cash flows prepared in
accordance with Indian GAAP.
17. Dividend 18. Business Independent of
Shareholders

  The business of PVUNL and Shareholders shall at all

Unless otherwise expressly agreed by
each of the parties in writing, the profits
available for distribution shall be
distributed by way of dividend by the
PVUNL, to the parties in accordance with
their percentage ownership in the PVUNL
in conformity with the applicable
provisions of the Act.
 Provided that nothing in this clause shall
require the PVUNL to declare a dividend
without retaining sufficient working
capital or would involve it in a breach of
contract or applicable law.
times be conducted as independent business. subject
to the provisions of the Act, PVUNL and shareholders
may, however, transact business with each other or
their respective affiliates at arms-length on commercial
terms and to the extent permissible, provided that such
products or services of the shareholders or their
affiliates are competitive with other suppliers in terms
of price, quality and other terms.
 This provision shall not debar or prohibit NTPC from
taking up the consultancy contract as provided for in
this agreement.
 Unless otherwise agreed, the parties shall ensure that,
other than the R&M of the project, the company shall
not take up any R&M business of any other plant or
project in India and/ or overseas.
19. CONFIDINTIALITY

 Confidential Information refers to all confidential, proprietary, and not generally available
information created by the PVUNL or disclosed by a discloser to the receiving party.
 This includes information related to products, services, business plans, marketing ideas,
pricing, financial data, product enhancements, sales strategies, customer information,
market testing, development plans, specifications, and other technical and business
information.
 The recipient is not obligated to disclose confidential information that is already known,
publicly known, received from a third party without breach, independently developed, or
furnished to a third party without restriction.
 This clause does not apply to information in the public domain or subsequently entered
into the public domain without breach, possession of unacquired information, information
required by law, or information provided by third parties to consultants and advisors.
20. Term and Termination

 This Agreement becomes effective on the Effective Date and remains in force unless
terminated in accordance with agreement.
 It automatically terminates upon
 Non-fulfillment of conditions,
 With prior written consent,
 Ceasing JV partner shares,
 Or a defaulting party's occurrence of an Event of Default and Termination Notice.
21.Events of Defaults and Consequences

 In case of default the JV partners shall have the right to terminate the agreement.
 The following shall constitute an event of default :
 Breach of material representations and warranties.
 Breach, default, delay of material covenants or obligations.
 filing a petition for winding up.
 The rights of the defaulting JV partner under this agreement are suspended until the breach is
remedied.
 The non-defaulting party can purchase all the securities held by the defaulting JV Partner upon
exercise of the default call and require the defaulting party to sell the entire securities to the non
defaulting party and/or nominees within 30 days of the notice.
 The defaulting party must pay all costs, expenses, taxes, and stamp duty for the transfer.
 22. Indemnifications
 The indemnifying party agrees to indemnify
and defend each other against all losses arising
from breach or default of this agreement,
including fraud, negligence, or willful default.
 The liability of the indemnifying party under
this agreement does not include indirect,
special, or remote losses.
 The Government of Jharkhand and/or JUUNL
agrees to indemnify and keep NTPC and/or the
PVUNL indemnified for any claims and losses
arising from matters related to transferred
assets and/or the project, including any awards,
decrees, or orders passed after the transfer date.
23. Governing Law and
Jurisdication
 This Agreement is made under and shall be
governed by and construed for all purposes in
accordance with the laws of India.
 Subject to the provisions of Clause Dispute
Resolution, the courts of New Delhi shall have the
exclusive jurisdiction in relation to all matters
arising out of this agreement.
24. Dispute Resolution

 The parties must settle any disputes arising from this agreement or any other agreement by mutual
conciliation between the managing director of JBVNL and a director on the board of directors of NTPC.
 If no resolution is reached within 30 days, the dispute will be referred to a committee of the Chief Secretary
of the Government of Jharkhand and the Chairman and Managing Director of NTPC for resolution.
 If no resolution is reached within 30 days, the dispute will be referred to arbitration in accordance with the
Arbitration and Conciliation Act, 1996.
 The arbitral tribunal will consist of a sole arbitrator appointed by mutual consent of the JV Partners, and if
the JV Partners fail to appoint within 30 days, the sole arbitrator will be appointed by the competent court.
 The venue of the arbitration shall be Delhi.
 The language of arbitration shall be English.
 The cost of arbitration shall be equally shared by the JV Partners.
25. Ratification of this Agreement

 The Partners shall cause the PVUNL to execute the Deed of Adherence and fully adopt,
ratify, consent to and fully agree to be bounded by this Agreement.
 The Memorandum and the Articles of the PVUNL shall be amended from time to time to
incorporate the provisions of this Agreement or any amendment(s) to this Agreement.
 In case of conflict between this Agreement and the Articles, the Agreement shall prevail.
 Parties must make amendments to remove inconsistencies.
 If agreement terminated, JV Partner's rights and benefits will cease under this Agreement
or the Articles, without prejudice to other parties' valid rights.
26. Intellectual Property Rights

 PVUNL can register intellectual property rights, confidential information, and R&D in its
own name.
 PVUNL must adhere to Company policies regarding intellectual property, including
assigning, licensing, and transferring rights.
 PVUNL prosecutes infringement and defends intellectual property revocation,
cancellation, and challenges.
 PVUNL shall not accept any restriction on use of its own intellectual property.
 Upon the termination of this Agreement and in the event any intellectual property was
acquired by the PVUNL from any JV Partner, such intellectual property shall be duly
transferred by the PVUNL to the concerned JV Partner, provided such JV Partner is the
Defaulting Party.
27. Force Majeure

 Act of God, natural phenomena like storms, floods, earthquakes.

 Blockade, revolution, riot, war, invasion, rebellion, insurrection, or invasion usurped power involving India.
 Strikes and lockouts at a national or regional level or industrial disputes at a national or regional level by
labour employed by the Affected Party.
 Any Act of Terrorism.
 Affected party must notify other parties within three days of Force Majeure event, specifying event nature,
effect, and duration.
 Force Majeure events lasting 30 days or more require mutual discussion and decision-making between
parties. If 90 days or more persist after notice, either party may terminate the contract by issuing a 30-day
notice.
 Party is not liable for loss, damage, or compensation due to Force Majeure events causing or contributing to
failure to carry out Agreement terms.
28. Assignment
 This agreement grants personal benefits
and obligations to each Party, their
successors, and permitted assigns, and
cannot be assigned, delegated,
transferred, or disposed of without
written consent.
 JBVNL can assign rights to Jharkhand
state-controlled company with prior
consent from NTPC and PVUNL.
29. Waiver
 Waiver of breach or default by one party
does not constitute a waiver of any other
breach or default and must be executed
by a non-defaulting party.
 Failure to insist on performance or
indulgence does not waive breach,
acceptance of variation, or
relinquishment of rights, as they remain
in full force and effect.
 30. Partial Invalidity 31. Partnership

 If a law declares a provision invalid or  No Party shall have the authority or

unenforceable, it doesn't affect the power to bind the other Party(ies), save
remaining terms of the Agreement, and except, as specifically provided in
ensuring their full force and effect. this Agreement.
 This Agreement does not establish a
partnership, act as an agent, or grant
rights to use another party's name,
trademark, or logo script.
32. Entire Agreement 33. Counterparts

 This Agreement sets forth the entire  This Agreement is being executed in 5
agreement and understanding between (five) originals, each of which together,
the Parties as to the subject matter shall constitute one and the same
hereof and supersedes all negotiations, instrument and shall be equally valid.
commitments and writings prior to the
date hereof, pertaining to the subject
matter of this Agreement.
 Each of the Parties acknowledges that it
is not replying on any statements,
warranties or representations given or
made by any of them relating to the
subject matter hereof, save as expressly
set out in this agreement
34. Amendments

 No variation, supplement or amendment to this agreement shall be effective unless such variation,
supplement or amendment is in writing and has been executed as a deed by the authorised
representatives of each of the Parties.
35. Notice
 Each notice, demand or other communication given or made under this Agreement shall be in writing and
delivered or sent to the relevant Party at its address, email address or fax number set out below (or such
other address or fax number as the addressee has by five (5) days' prior written notice specified to the other
Parties).
 PVUNL- Details, as may be provided in the Deed of Adherence.
 NTPC Limited- NTPC Bhavan; SCOPE COMPLEX, 7, Institutional Area; Lodhi Road , New Delhi -
110 003, Telephone No. 011 – 24387333, Fax No: 01I -24361018
 JBVNL- Jharkhand Bijli Vitran Nigam Limited , HEC,Dhurwa, Ranchi-834004, Telephone No: 0651-
2400760, Fax No: 0651-2446055
 GoJ- Principal Secretary (Energy) , Nepal House, Doranda , Ranchi-834002, Telephone No: 0651-
2400807, Fax No: 0651-2400483
 JUVNL- CMD(JUVNL), HEC,Dhurwa, Ranchi-834004, Telephone No: 0651-2400807, Fax No: 0651-
2400483
 JUUNL- MD(MJNL), HEC,Dhurwa , Ranchi-834004, Telephone No: 0651-2400760, Fax No: 0651-
2446055
 Incorporation of PVUNL
JVA signed between NTPC,
GoJ, JBVNL, JUUNL,
JVUNL on 29 July 2015.
th
Incorporated on 15.10.2015,
PVUNL is a joint venture of a
subsidiary of NTPC Ltd with
shareholding of 74% and
JBVNL with shareholding of
26%.
Execution Phase-I
16.03% of total project cost
Extension of Project
35.00% of total project cost
TIMELINE
incurred till 31st March 2020 incurred till 31st Jan 2022
ROADMAP
COD**- Expected COD for COD- Expected COD for
Unit-1 is March 2022, and Unit-1 is March 2024, and
Others two Units are Others two Units are
expected to commissioned expected to commissioned
at an interval of six months. at an interval of six months.

2015 2018 2020 2021 2022 2023

AWARD Affected by Pandemic Expected Completion

EPC* Work for project 21.52% of total project cost 58.10% of total project cost
award to BHEL in March incurred till 31st January 2021 incurred till 30th April 2023
2018.
Foundation stone laid by COD- Expected COD for COD- Expected COD for
PM Modiji on May 25th, Unit-1 is March 2023, and Unit-1 is March 2024, and
2018.
Others two Units are Unit-2 by December 2024
* =Commercial Operation Date
expected to commissioned at and Unit-3 by March 2025
**=Engineering, Procurement
and Construction an interval of six months.