BANGALORE, INDIA -- (MARKET WIRE) -- 08/01/08 -- In a bid to reduce financial andoperational risks, Indian Oil Corporation Limited (BOM:530965) (IOC)(Mumbai) will enter into a joint venture with Tata Power (Mumbai) to builda 1,000-megawatt (MW) power plant in Mirthapur in the state of Orissa at aninvestment of nearly $1 billion. Tata Power will own a majority stake of74.26% in the project, and IOC will hold the balance. Tata Power and IOCjointly conducted a feasibility study and estimated the tariff for powersupply to the Paradip complex at U.S. 6.15 cents per unit on an annuallevelized basis for 25 years of operation. Another study conducted withFoster Wheeler (NASDAQ:FWLT) (Clinton, New Jersey) indicated that if IOCwere to set up a captive power generation unit within the Paradip complex,the power tariff would be U.S. 12.5 cents per unit. IOC stands to gain fromthe joint venture by a 50% reduction in power costs.For details, view the entire article by subscribing to Industrial Info'sPremium Industry News athttp://www.industrialinfo.com/showNews.jsp?newsitemID=136288, or browseother breaking industrial news stories at www.industrialinfo.com.
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