India News

BHEL, NTPC form joint venture for project execution

Dec 17, 2007, 13:51 GMT

New Delhi, Dec 17 (IANS) State-owned power equipment maker Bharat Heavy Electricals Ltd (BHEL) and power utility NTPC Ltd have signed a pact to jointly undertake project implementation work in the power sector. 'A joint venture agreement between the company and NTPC has been singed for establishment and operation of a joint venture company for taking up EPC (engineering, procurement and construction) business,' BHEL informed the Bombay Stock Exchange Monday. A memorandum of understanding to this effect was signed by the two companies in September this year. The two companies have made this move following a recommendation from the National Manufacturing competitiveness Council Chairman V. Krishnamurthy. © 2007 Indo-Asian News Service

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