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Essar Power and Inter RAO- Export LLC, an export arm of Russian state-controlled energy company, signed a Memorandum of Understanding and strategic cooperation in the power sector in St Petersburg, Russia, on the sidelines of St. Petersburg International Economic Forum that took place last week.
Maxim Sergeev, Director General of INter RAO – Export LLC and Ravi Ruia, Co-Founder of Essar, have signed the document, Essar Power said in the statement.
“The objective of the document is to integrate the capacities of both companies for operations in the power market of India,” it added.
The companies will explore opportunities for joint investments in the existing coal based power assets including associated coal mines and in brown field expansion of the existing coal based power power assets in India, the sources aware of the companies’ plans said.
Inter RAO Group is a diversified state-controlled holding engaged in power generation, distribution, trade and export. It manages multiple assets in Russia, CIS and European countries while its export arm is overseeing opportunities in Latin America and now Asia.
Igor Sechin, the CEO of ROSNEFT, Russia’s oil and gas major to whom Essar Group has recently divested its oil businesses, serves as Chairman of the Board of Inter RAO.
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