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Tata eyes Siemens' Austrian power business
By agencies
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Thursday, 05 January 2006, 20:30 IST
MUMBAI: In its first attempt to take over a foreign company, Tata Power is in talks with German conglomerate Siemens for acquisition of its hydropower business in Austria.
Confirming the development, sources close to Tata Power said the company was among other interested parties. The negotiations are in early stages, they added.
Siemens, which had put its Austrian hydropower business up for sale as a condition for its euro 1 billion take-over of Austrian technology group VA Tech, had earlier said it expected to raise $357 million from the sale.
The international operation of Tata Power has so far been restricted to an association with Tennessee Valley Authority of the U.S.
The company had also signed a letter of intent with the Bangladesh government for the development of a 1,000-mw-power project. Discussions with the Bangladesh government on implementation support are on. The company is also exploring opportunities in the West Asia and South Africa.