State-owned power producer NTPC (NSE:NTPC, BOM:532555) has partnered with French government-owned electric utility company Electricité de France SA (EDF), to collaborate on various projects, according to a Sunday filing to the Indian bourses.
The two parties will co-develop and operate pumped storage projects hydropower projects, or hydropower projects bundled with other renewable energy projects, and explore opportunities in the distribution business.
Following the signing of the term sheet for the partnership, NTPC and EDF proposed to form a joint venture company with a 50:50 partnership after securing approval from the Government of India.
The joint venture company will undertake projects on its own or may create special-purpose vehicles to undertake such projects within India and its neighboring countries.
NTPC shares were down nearly 1% in recent trade.
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