Kolkata: The proposed joint venture (JV) between Damodar Valley Corporation (DVC) and Neyveli Lignite Corporations (NLC) for 1,200 MW (2x600) thermal power plant at Raghunathpur in Purulia district of West Bengal is expected to fructify soon, a top DVC official said on Friday. "Talks are going on. Hopefully it will fructify shortly and we are awaiting for approvals," DVC Chairman Andrew W.K. Langstieh said here. DVC, a three venture of the central, Jharkhand and West Bengal governments, will hold around 30 per cent while NLC will have the rest in the new SPV for the project. The original project cost was estimated at Rs 5,000 crore and was supposed to be completed in 2011. The cost overrun is of Rs 3,800 crore, due to interest costs. He said the two units of 1,200 mw Raghunathpur project have already commenced operation on March 31, this year but DVC has power purchase agreements (PPAs) of 550 MW. NLC, which is yet to set up a new thermal power unit, has PPAs of 650 MW in Karnataka. That is why, both the corporations decided to form a JV following clearances from the power and coal ministries, he added.