Marubeni to Enter Power-Generating Biz in India
Jiji Press Ticker Service
December 20, 1999, Monday
Major Japanese trading house Marubeni Corp. will launch a 700-million-dollar project with a local partner to start power generation in India, company officials said Monday.
Marubeni and electric power wholesaler Electric Power Development Co. of Japan, based in Tokyo, will team up with major Indian electric machinery maker BPL Ltd., based in Bangalore, southern India, to start the power generation business in 2003.
The three parties will set up a joint venture to build a coal-burning power plant with a capacity of 520,000 kilowatts in the central Indian state of Andhra Pradesh, to wholesale electricity to power suppliers in the state for a term of 30 years.
The BPL group will own 63 pct of the capital of BPL Power Projects, the new venture company, followed by Marubeni with 26 pct and Electric Power Development with 11 pct.
A separate joint venture between BPL and Electric Power Development will undertake maintenance for the power station. |
