New Delhi, June 20: State-owned National Thermal Power Corporation (NTPC) and Bharat Heavy Electricals Ltd (BHEL) would soon set up a joint venture company to look after Engineering, Procurement and Construction, along with maintenance of power plants in the country. The two PSUs signed a Memorandum of Understanding to this effect stating that both will have 50:50 equity participation and equal representation on the Board, an NTPC statement said on Friday.

The Mou was signed by K K Sinha, director (HR), NTPC, and his BHEL counterpart Ishan Shankar, it said adding the Chairman of the board of the new company will be from one of the partners while the CEO from the other on rotation basis.
NTPC and BHEL will provide knowhow and software support to the new entity, the statement said adding the company can also consider more partnerships to further business development and globalization. Bureau Report