Tata Power Company Ltd has signed a development agreement with Germany's Siemens Project Ventures GmbH to jointly bid for ultra mega power projects.
The company has signed the agreement with Siemens to jointly participate in the tariff-based bidding process for selecting developers for the Sasan (Madhya Pradesh) and Mundra (Gujarat) projects under the Power Ministry's UMPP initiative, Tata Power informed Bombay Stock Exchange.
Under the agreement, the two companies would co-operate in the development and implementation of the projects.
Siemens Project Ventures is a 100 per cent subsidiary of Siemens AG's financial services Group -- Siemens Financial Services, it said.
Last month, Tata Power had announced signing a pact with Germany's Siemens Power Generation and Korea's Doosan Heavy Industries to form an EPC (Engineering, Procurement, Construction) consortium for construction of power plants based on supercritical technology required for such large-sized units.
Tata Power said the government has announced implementation of several such projects through an International Competitive Bidding process. The company has recently qualified for the UMPPs at Sasan and Mundra.
The company had earlier submitted its expression of iterest for four ultra mega power projects, one each in Gujarat, Madhya Pradesh, Maharashtra and Karnataka.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
