Alstom plans joint venture with Bharat Forge
31 Jul 2009
Alstom Power Holdings SA, an associate company of the Alstom Group, proposes to enter into a joint venture with Bharat Forge Ltd and/or its associate entities in India, Alstom Projects India informed the Bombay Stock Exchange (BSE) on Friday.
The board of directors of the company has approved granting of the NOC with respect to establishment of the joint venture, Alstom-Bharat Forge, the company said in its release.
The company said Alstom Finance BV, a promoter of the company, had approached the company for its no-objection certificate (NOC) in terms of Press Note No1 (2005 series) read with Press Note No 3 (2005 series) issued by the Government of India.
Meanwhile, Bharat Forge and Maharashtra Industrial Development Corporation (MIDC) have signed a shareholder agreement for setting up a special economic zone in Khed district of Maharashtra.
The project is to be implemented through a special purpose vehicle - the Khed Economic Infrastructure Private Ltd (KEIPL) - in which BFL will hold 74 per cent stake and MIDC the remaining 26 per cent.
MIDC has already handed over nearly 1,800 hectares of land acquired in the first phase for the development of the SEZ and KEIPL will develop the infrastructure for the SEZ, including construction activities.
.webp)
