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Tata
Steel Ltd and Tata Power have signed a joint venture agreement
to set up captive power plants in Chattisgarh, Orissa
and Jharkhand. This joint venture will help Tata Steel
meet its power and steam requirements for its expansion
plans in the three states.
Tata
Steel will hold a minority 24-per cent stake with Tata
Steel holding the remaining 76 per cent.
Tata
Power will initially set up a 120 MW captive power plant
for Tata Steel in Jamshedpur, utilising the steel maker''s
blast furnace and coke oven waste gases from the steel
making process for its captive consumption, as required
by the government''s captive power plant policy. The project
gestation period is expected to be 26 months and is due
for commissioning by July 2008.
"We
are delighted to support the aggressive expansion plans
of Tata Steel in the states of Chattisgarh, Orissa and
Jharkhand," said Prasad Menon, MD of Tata Power in
a statement to the exchanges. "Our long standing
partnership in Jojobera, Jamshedpur has set various industry
benchmarks in project execution and implementation.
This Joint initiative will help accelerate Tata Power''s
growth plans and strengthen its national footprint,"
the statement added.
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