Hinduja Energy India has formed a joint venture with Steag Energy Services (India) for operation and maintenance of power projects.
Hinduja Energy is part of the Hinduja Group. Steag Energy is a subsidiary of German energy major Steag GmbH and is the fifth largest electricity producer in Germany. It operates 11 power plants. Its total installed capacity is about 9,400 MW worldwide, including 7,700 MW in Germany. In 2010, Steag's sales revenue totalled €2.8 billion.
A statement from the Hindujas said the joint venture will operate the Visakhapatnam plant of Hinduja National Power Corporation Ltd (HNPCL). The 1040-MW coal-based plant is expected to be commissioned in 2013.
The venture will also take up operation and maintenance of new power projects.
Mr A. K. Puri, Managing Director, HNPCL, said the joint venture for O&M will have a major role ahead, given the projected double-digit growth in aggregate power generation in the country.
The Hinduja Group plans to build 10,000 MW of generating assets over 7-8 years at an investment of $12-14 billion.
Steag has also acquired a five per cent stake in HNPCL through Steag Energy for an undisclosed premium with an option to invest in the future power projects of the group.
Mr Ashok P. Hinduja, Chairman, HNPCL, said: “I anticipate an enduring and successful partnership with Steag, further cemented by the five per cent stake in HNPCL.”
Mr Joachim Rumstadt, Chairman of the Executive Board at Steag said, “Through the cooperation with our Indian partner, we are expanding our commitment to the international power plant business.”