Kerala Electrical and Allied Engineering Company Ltd (KEL) today signed a Memorandum of Understanding (MoU) with Bharat Heavy Electricals Ltd (BHEL) to form a joint venture company.
The MoU envisages delinking of the Kasaragod unit of KEL to form a separate company.
BHEL is expected to invest about Rs 25 crore in this JV company, KEL said in a statement.
The MoU was signed here by KEL MD B Jyothikumar and BHEL MD K Ravi Kumar in the presence of Minister for Heavy Industries and Public Enterprises Santosh Mohan Dev and Minister of State for Power Jairam Ramesh.
After the MoU, the valuation of the assets of KEL, Kasargod will be done by a reputed financial institution to be selected by mutual agreeent between KEL and BHEL.
KEL, a fully owned undertaking of the Government of Kerala, has four production units spread across the State.
KEL’s product includes high frequency alternators, frequency convertors, special alternators and power packs for missile projects.
The power packs designed and supplied by the company for missile projects like Falcon, Prithvi, Trishul and Akash have been pioneering efforts.
The company has also supplied specialalternators to the Army (Military power cars) and Air Force for Radar applications the statement added.
source:
http://keralaonline.com/news/kel-signs-mou-bhel_20011.html
Tuesday, February 3, 2009
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