Tata cos signs JV deal to set up captive power plants
Mumbai, Nov 22 (UNI) Tata Steel today announced the signing of joint venture agreement with Tata Power to set up captive power plants in Chattisgarh, Orissa and Jharkhand to meet the power and steam requirements of its existing and to-be-set-up steel plants in these states.
Tata Steel will hold 26 per cent equity in the venture with Tata Power holding the remaining 74 per cent equity, the company informed the BSE.
Under the agreement, Tata Steel will consume power generated from these power plants in consonance with the norms stipulated by the Union Government's Captive Power Plant Policy.
Tata Power will initially set up a 120 MW captive power plant for Tata Steel in Jamshedpur by utilising waste gases from the steel making process, the company said in a statement.
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