NTPC picks up 44.6 per cent in Kerala's TELK

New Delhi, June 23: Power major National Thermal Power Corporation (NTPC) today signed an MoU with Transformers and Electricals Kerala Ltd (TELK) for a joint venture to supply transformers to it.

NTPC will acquire 44.6 per cent stake in TELK from Kerala government and its undertakings, presently holding 95.6 per cent equity of the public sector company, an official staement said.

In the first phase, NTPC is expected to bring in investments worth Rs 150 crore-Rs 200 crore, it added.

Before NTPC, Hitachi had also offered technology to TELK, in Angamali near Kochi, on caveat of transfering equity.

Last month, the Kerala Cabinet approved the joint venture plan.

The state government, through its three arms KSIDC, SIDCO and Malabar Cements, will retain 51 per cent equity in TELK.

As a foreign firm, Hitachi was not an appropriate candidate to take the stake.

UNI