Financial Daily from THE HINDU group of publications
Wednesday, Mar 30, 2005
Financial Daily from THE HINDU group of publications Wednesday, Mar 30, 2005 |
|
|
|
|
|
Corporate
-
Alliances & Joint Ventures Industry & Economy - Power Tata Power to partner DVC in Maithon project Our Bureau
Mumbai , March 29 TATA Power Company Ltd on Tuesday signed an agreement to partner the Government-owned Damodar Valley Corporation (DVC) for setting up the 1,000-MW Maithon Left Bank Thermal Power Station in Jharkhand. Tata Power, which reported a turnover of Rs 4,239 crore in 2003-04, will hold 74 per cent stake in the venture and will be entitled to nominate up to seven directors, apart from the Chairman and Managing Director, on the board of the joint venture. The Rs 3,120-crore DVC, which will hold 26 per cent stake, will be entitled to appoint three directors, a news release said. As per the agreement, DVC will have the option to either sign a power purchase agreement with the joint venture or purchase a pre-decided quantum of power from the project. According to a senior Tata Power official, the project will target power generation cost of around Rs 2 a unit. Surplus power, after meeting the requirements of DVC, will be supplied to the power deficit western and northern States. The project is the first public-private generation joint venture after the Electricity Act 2003 came into force, the release said.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|