NTPC Limited has signed an agreement with Powergrid to form a joint venture (JV) company, the National Distribution Company, with a 50:50 equity participation. The JV will undertake the business of electricity distribution in various states and union territories, and other related activities. The company will be incorporated only after obtaining the necessary approvals from the government. In a separate development, NTPC has commissioned the first 660 MW unit of the 1,980 MW Nabinagar superthermal power project in Aurangabad district of Bihar. The coal-based project has been developed by Nabinagar Power Generating Company, which is a 50:50 JV between NTPC and Bihar State Power Holding Company Limited.