New Delhi: A new joint venture power company floated by NTPC and BHEL would enjoy full autonomy and be registered as a private company, although its promoters are public sector undertakings.
“NTPC-BHEL Power Projects would be a private company owned by public sector units so that it has full flexibility of work”, Minister of State for Power Jairam Ramesh said.
The chairman and managing director and two directors of the JV company will be appointed by 7 August, Ramesh said.
A six member search committee headed by Secretary Ministry of Heavy Industries will appoint the CMD and two full time directors. Two part-time directors are already in place.
Apart from carrying out Engineering Procurement Construction (EPC) contracts for power plants and other infrastructure projects, the company in the first phase would also focus on Balance of Plant (BOP) equipment and other related work.
The company would invite bids for orders in October 2008 and the first contract would be awarded in January 2009.
Besides producing equipment of 5,000 MW capacity, the firm would be looking for overseas projects in South and West Asia. NTPC’s Bamnauli and Vaishali project may be awarded to this JV company.
The company would be located at a port-based facility either in Andhra Pradesh or Maharashtra.
NTPC and BHEL formed this 50:50 joint venture firm on 29 April this year.