BHEL exits Udangudi Power Corp joint venture

Bharat Heavy Electricals Ltd (BHEL) on Thursday said it has exited Udangudi Power Corp. by selling its entire stake to joint venture partner Tamil Nadu Generation and Distribution Corp. (Tangedco). However, financial details were not disclosed. The 1,600 megawatts (MW) Udangudi power plant is expected to cost around Rs.9,083 crore, according to Tangedco website. In a filing to the BSE, BHEL said the exit from the joint venture was after request from Tangedco to undertake the Udangudi project as a state government initiative. The joint venture was to develop the Udangudi power project. It was set up as a joint venture between power equipment major BHEL and Tamil Nadu Electricity Board in November 2008. Following its restructuring in 2010, Tamil Nadu Electricity Board’s stake in the joint venture was transferred to Tangedco. ref: http://www.livemint.com/Companies/z4IMRerBhQBcrOIG0LUtKI/BHEL-exits-Udangudi-Power-Corp-joint-venture.html