Tata Power to set up joint venture with Indian Oil Corp
Thursday, 18 December 2008, 16:57 IST
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New Delhi: Tata Power 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.
Source: IANS
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