Business Daily from THE HINDU group of publications
Friday, Aug 25, 2006
Business Daily from THE HINDU group of publications Friday, Aug 25, 2006 |
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Corporate
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Alliances & Joint Ventures
Our Bureau
Kolkata , Aug. 24 ONGC is expecting to receive board approval soon for the much-awaited transmission joint venture with Power Grid Corporation in Tripura. "The last board meet had raised certain questions on the joint venture. This next board meet will clarify on the same," a company official told Business Line. Though the requisite approval for commissioning the 750-MW gas-based power project has been received, ONGC is yet to prepare the roadmap for evacuation and transmission of power to the national grid. The 630-km long, 400 kV transmission project from Palatana in Tripura to Bongaigaon in Assam seems important since it will generate at least 400 MW in excess of the projected demand in the North-East. ONGC had previously created North Eastern Power Transmission Corporation, a special purpose vehicle, to commission the Rs 1,600-crore transmission system in joint venture with Power Grid Corporation. Both partners were slated to hold 26 per cent each out of a projected equity capital of Rs 480 crore. The balance 48 per cent was scheduled to be raised through private placement. The proposal, however, suffered a jolt as the Union Petroleum and Natural Gas Ministry had asked ONGC to reduce its exposure in the transmission project.
More Stories on : Alliances & Joint Ventures | Power | Oil & Natural Gas Corporation Ltd
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