The state-owned Power Grid Corporation of India Limited (PGCIL) has entered into a Shareholder’s Agreement with Teesta Urja Ltd to form a Joint Venture Company named “Teestavalley Power Transmission Limited”.  

Under the arrangement, Power Grid and Teesta Urja will have 26% and 74% stake respectively in the Joint Venture Company.  

The JV company will develop associated transmission system for evacuation of power from 1200 MW Teesta-III Hydro Electric Project (HEP) being developed in Sikkim by Teesta Urja Ltd.  

State-owned NHPC, a hydroelectric power generating company, has filed its Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India (Sebi) for entering the capital market with an IPO through the book-building route. 

The Public Issue of 1,67,73,74,015 equity shares comprises a fresh issue of 1,11,82,49,343 equity shares by NHPC Ltd and an offer for sale of 55,91,24,672 equity shares by the President of India acting through the Ministry of Power, Government of India.  

The state run Coal India Limited (CIL) will develop 18 new unused coal mines. The Expression of Interest in this regard will be invited shortly. The new mines are located at the Bharat Coking Coal, Eastern Coalfields and Central Coalfields areas. More than 800 million tons of coal is expected to have in these mines.

Coal India Limited (CIL) has set a target of growth of 6.7 per cent in the present year. The Coal India chairman Mr Partha S Bhattacharyya said that the company recorded a profit of Rs 8,738 crore before tax in the 2007-8 financial year. The net profit was Rs8622 crore in the last financial year.

Bharat Heavy Electricals Ltd (BHEL), Country's largest power equipment maker, has received a contract worth Rs 2,500 crore from Andhra Pradesh Power Development Company Limited, for supplying 800 MW supercritical boilers.

Under the deal, BHEL would set up 1,600 MW (2x800) steam generator at Krishnapatnam Power Project of Andhra Pradesh Power Development Company Ltd, a joint venture of APGenco and ILFS.

The contract includes manufacture, supply, erection, testing and commissioning of the steam generators and other aux iliaries like Electrostatic Precipitators (ESPs).

India's largest power company National Thermal Power Corp Ltd. (NTPC), Asian Development Bank (ADB), GE Energy Financial Services, Kyushu Electric Power Co and Brookfield Renewable Power have jointly signed a Memorandum of Understanding (MoU) on Tuesday, to form a joint venture company for generating renewable power.

Anil Ambani group firm Reliance Power (R-Power), has received US$1 billion funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.

The fund raised from China Exim Bank, Chinese Development Bank and China Export & Credit Insurance Corporation (Sinosure).

Reliance Power is currently developing two power projects — Rosa Phase I (600 Mw) and Sasan UMPP (3,960 Mw).