State-owned generation utility, National Thermal Power Corporation (NTPC) has formed a Joint Venture company with the Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd. under the name Meja Urja Nigam Pvt. Ltd.

Under the agreement, the Joint Venture will set up a power plant of 1320 MW (2X660 MW) at Meja Tehsil or any other suitable site in Allahabad district of Uttar Pradesh.

NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam both will contribute 50% equity each in the share capital of the JV.

Yesterday, NTPC has signed a Memorandum of Understanding (MOU) with Secretary (Power), Government of India for generating 2.09 billion units of Electricity during the financial year 2008-09.