Tata Power, IndianOil in pact
New Delhi   18-Dec-2008
Tata Power Company Ltd has signed a joint venture agreement with IndianOil for establishing a coal-based power plant in Orissa. The joint venture will meet the captive requirement of IndianOil Paradip refinery and petrochemicals complex, according to a Tata Power communication to the stock exchange. The joint venture will start operating only after IndianOil Board approves the investment in the refinery cum petrochemical project. Tata Power will hold 74 per cent equity and IndianOil will hold 26 per cent equity in the proposed joint venture.