Alstom in 3-way joint venture with BHEL and NPCIL
24 Jun 2010
French power equipment giant Alstom SA has formalised a joint venture agreement with India's state-run Bharat Heavy Electricals Ltd and Nuclear Power Corporation of India Ltd.
The development comes close on the heels of the French company's move to induct Lalita Gupte, former joint managing director and member of the board of ICICI Bank Ltd, and Katrina Landis, group vice president of BP Alternative Energy, as members of its board of directors.
The joint venture of Alstom's Indian arm APIL, BHEL and NPCIL would provide technical support and supply turbines to nuclear power projects in India.
BHEL and NPCIL have already a joint venture agreement for setting up nuclear power plants in India and the three-way tie-up with Alstom would help tap the market for higher capacity (1000 MW and above) nuclear power plants in the country.
"Joint venture tripartite agreement with BHEL and NPCIL has been finalised and is being reviewed by the Atomic Energy Commission," Guy Chardon, Senior Vice-President (Thermal Products), of Alstom Power said.
"We will be one-third equity partner in the joint venture company with a capital of €25 million," Chardon said, adding, "We want the agreement to be finalised as quickly as possible."
