NTPC, Bharat Forge look for third partner
A third partner is likely to join NTPC and Bharat Forge in their joint venture for manufacturing power equipment as both industrial powerhouses are looking to bring in a third partner into the fold.business Updated: Sep 01, 2010 12:56 IST
A third partner is likely to join NTPC and Bharat Forge in their joint venture for manufacturing power equipment as both industrial powerhouses are looking to bring in a third partner into the fold. NTPC and Bharat Forge Ltd (BFL) formed a joint venture company BF-NTPC Energy Systems Ltd in June, 2008, to establish a manufacturing facility for castings, forgings, fittings, balance of plant equipment for power projects.
"BFL-NTPC is looking for a third partner in their joint venture," a source said, adding that the JV firm is mainly
scouting for a technology provider. BF-NTPC Energy Systems would serve sectors like pertrochemicals, oil and gas, steel and mining apart from power.
Bharat Forge holds 51 per cent majority stakeholder in the joint venture and remaining 49 per cent is held by NTPC. The manufacturing facility of the company is being set up at Solapur in Maharashtra.
Bharat Forge is the flagship company of the USD 2.4 billion Kalyani Group and is engaged in manufacturing of equipment for the infrastructure sector. Meanwhile, NTPC has another joint venture company with state-run BHEL for carrying out EPC (engineering, procurement and construction) contracts for the power projects.