ICICI Ventures, IL&FS likely to pick stake in NTPC-BHEL JV

ICICI Ventures and IL&FS -- are likely to pick up 50 per cent stake in the NTPC-BHEL joint venture, which was floated in April this year to manufacture power equipment.




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"We are meeting IL&FS and ICICI Ventures representatives on September 10. We will see that how much they can invest in this joint venture company," Minister of State for Power Jairam Ramesh told PTI.

At present, the two Navratnas PSUs have 50 per cent equity each in joint venture NTPC-BHEL Power Projects (NBPPL). The new entity will have a capacity of 5,000 mw per annum by 2014-15 at an investment of Rs 6,000 crore.

BHEL's former Director (Engineering) C P Singh has been appointed as Chairman and Managing Director of NBPPL.

The objective of setting up this JV company is to undertake engineering, procurement and construction (EPC) contract for power plants and manufacture equipments like turbine generators and boilers.

In a communique to the both Navratnas, the Power Ministry has clearly mentioned that the JV would not be government company and the process for bringing in more partners would start immediately.

The ministry made it clear that for achieving enormous managerial, commercial and technological flexibility, there is need of private partners to make it a private company. Despite being Navratna companies, NTPC and BHEL do not enjoy the managerial, commercial and technological flexibility, it added.

source:
http://www.business-standard.com/india/storypage.php?tp=on&autono=46017