Tata Power to set up joint venture with Indian Oil Corp

December 17th, 2008 - 9:34 pm ICT by IANS  

New Delhi, Dec 17 (IANS) Tata Power Co. Ltd Wednesday said it had signed a joint venture agreement with Indian Oil Corp (IOC) for establishing a coal-based power plant in Orissa.The plant will meet the captive requirement of IOC in its refinery and petrochemicals complex and its affiliates, a company statement said.

The joint venture will start operating only after IOC board approves the investment in the refinery-cum-petrochemical project at Paradip, Orissa, the statement added.

Tata Power will hold 74 percent equity in the new company while IOC will hold 26 percent.

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