Power equipment supplier BHEL on Monday said it has signed an agreement with NTPC Ltd for setting up a joint venture company for carrying out EPC projects in the sector.
"A joint venture agreement between the company and NTPC Ltd has been singed for establishment and operation of Joint Venture Company for taking up EPC business,"
Bharat Heavy Electricals Ltd (BHEL) said in a filing to the Bombay Stock Exchange.
The move would help NTPC, the country's leading power generation firm, to enter into equipment manufacturing space.
A memorandum of understanding in this regard was signed between the two companies on September 10 this year.
The joint venture would carry out engineering, procurement and construction activities in the power sector.
Shares of BHEL were trading at Rs 2,497 each, down 2.52 per cent, while NTPC scrip was at Rs 239.60, down 2.84 per cent, on the BSE at 1312 hrs.