September 9, 2008

TCS Forms Power Exchange JV

IT services provider Tata Consultancy Services has signed an agreement with state-run NTPC, NHPC, and Power Finance Corp to set up a joint venture for the operation of a national level power exchange.

The joint venture will be registered as a Public Limited Company with an authorized capital of INR50 crores ($11.2m) for setting up the power exchange to provide neutral and transparent electronic platform for power trading. The exchange will offer access to all companies in the power market.

Last month, the company partnered with Indian public sector units, including transmission utility Power Grid Corp of India Ltd, power equipment maker Bharat Heavy Electricals Ltd, and power generating firm NTPC, to provide electricity demand management, equipment R&D, and consulting services.