Tata Power, South Africa's Exxaro form JV company Cennergi
Private energy utility Tata Power, through its subsidiary Khopoli Investments, and South Africa's Exxaro Resources have formed a 50:50 joint venture to focus developing projects in Africa.
March 05, 2012 / 15:06 IST
Moneycontrol Bureau
Private energy utility Tata Power, through its subsidiary Khopoli Investments, and South Africa's Exxaro Resources have formed a 50:50 joint venture to focus on developing electricity projects in Africa.The JV company called Cennergi will focus on the investigation of feasibility, development, ownership, operation, maintenance, acquisition and management of electricity generation projects in South Africa, Botswana and Namibia, it said on Monday.The two companies didn't disclose financial terms and conditions of the deal. "The joint venture is consistent with our strategy of pursuing growth opportunities for energy development in potential markets. We look forward to working together with Exxaro to jointly develop efficient, high quality and sustainable projects that will bring significant benefits to the region as well as local communities," said Anil Sardana, MD, Tata Power."We expect Cennergi to play a key role in the African electricity generation market. Cennergi aims to be the leading cleaner energy independent power producer in Southern Africa, serving an expanding energy market," said Sipho Nkosi, Exxaro CEO.Cennergi will be officially launched effective April 2012, Tata Power said.Tata Power shares were down 1.8% at Rs 113.55 on NSE in afternoon trade. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
