Energy | Bhel, NPCIL likely to partner European firm

Energy | Bhel, NPCIL likely to partner European firm

New Delhi: Bharat Heavy Electricals Ltd, or Bhel, India’s biggest power equipment maker, and Nuclear Power Corp. of India Ltd, or NPCIL, may name an overseas partner by October for a venture to build atomic plants in the country.

“We have zeroed in on a European partner from two with whom we were talking," Bhel chairman K. Ravi Kumar said in a telephone interview on Monday, without naming the firm. “The partner will be offered around 30% equity. We are still negotiating some terms."

Bhel agreed in April last year to form a venture with the country’s monopoly nuclear power producer to provide engineering, procurement and construction services.

The two state-owned companies hold 50% each in the planned venture and will sell equal stakes to the overseas partner, Kumar said.

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Videocon, BPCL acquire stake in Indonesia block

New Delhi: State-owned Bharat Petroleum Corp. Ltd, or BPCL, and Venugopal Dhoot-promoted Videocon Industries Ltd have together acquired a 25% participating interest in Nunukan oil and gas exploration block in offshore East Kalimantan, Indonesia.

BPRL Ventures Indonesia BV, a wholly owned subsidiary of BPCL’s upstream arm Bharat PetroResources Ltd, and Videocon Indonesia Nunukan Inc., a subsidiary of Videocon Industries, had signed agreements to acquire 12.5% each in the block.

The stake was bought from Anadarko Indonesia Nunukan Co., a wholly owned subsidiary of Anadarko Petroleum Corp. Ltd of the US.

BPRL Ventures Indonesia and Videocon Indonesia have committed an initial investment of $11.125 million (Rs54.3 crore) each for drilling a well in the block in mid-2010, the two companies said in separate stock exchange notifications.

— Newswire18

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