Business Daily from THE HINDU group of publications
Thursday, Nov 23, 2006
ePaper
Business Daily from THE HINDU group of publications Thursday, Nov 23, 2006 ePaper |
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Corporate
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Alliances & Joint Ventures
Our Bureau
Mumbai , Nov. 22 The Tata Power Company Ltd on Wednesday signed a joint venture agreement with Tata Steel to set up captive power plants in Chattisgarh, Orissa and Jharkhand. Tata Power will hold 74 per cent equity and Tata Steel 26 per cent in the joint venture. This new venture aims to meet the power and steam requirements to support the expansion plans of Tata Steel in the three States, said a statement from the Tata group. "In view of Tata Steel's expansion plans in Chhattisgarh, Jharkhand and Orissa moving as per plans, this joint venture agreement is an important milestone towards making Tata Steel self-sufficient in its energy requirements," Mr B. Muthuraman, Managing Director, Tata Steel, said. Under the agreement, Tata Steel will consume power generated from the power plants set up under the joint venture, meeting the requirements of captive power plant norms for the projects, as stipulated by the Union Government's Captive Power Plant Policy. As a part of this initiative, Tata Power has already announced that it will put up a 120 MW captive plant for Tata Steel in Jamshedpur, based on blast furnace and coke oven gases, which are waste gases from the steel making process. The project gestation period is expected to be 26 months and the plant will be due for commissioning by July 2008. "This joint initiative will help accelerate Tata Power's growth plans and strengthen its national footprint," Mr Prasad Menon, Managing Director, -Tata Power, said.
More Stories on : Alliances & Joint Ventures | Power | Tata Power Co. Ltd | Tata Steel Ltd
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