Mumbai: Software services and consulting firm Tata Consultancy Services (TCS) on Monday said it will incorporate a joint venture firm for which it has entered into an agreement with state-run NTPC, NHPC and Power Finance Corp (PFC) to operate a national level power exchange.
“A JV agreement has been signed amongst NTPC, NHPC, PFC and TCS for incorporation of a Joint Venture Company (JVC) to set up and operate a power exchange at national level,” it said in a filing to the Bombay Stock Exchange.
The JV company would be registered as a Public Limited Company with an authorised capital of Rs50 crore for setting up the power exchange to provide neutral and transparent electronic platform for power trading.
The exchange would also ensure clearing of all trades in an efficient manner with access to all the players in the power market.
Shares of TCS were trading at Rs857.35, up 2.29% in the late afternoon trade on the BSE.