In a press statement, TNB said its unit was venturing into power plant operations and maintenance (O&M) in India through a collaboration with TNB’s 30%-owned GMR Energy Ltd (GEL). TNB completed the purchase of the 30% stake in the Indian power firm in November last year for US$300mil.
Under a three-year memorandum of understanding (MoU) inked with GEL on Monday, TNB Remaco and GEL will provide power plant O&M, performance improvement, testing and diagnostic services.
GEL will identify business opportunities for the collaboration as well as provide a suitable location for the facility.
Prior to the establishment of the facility in India, TNB Remaco will carry out refurbishments works at its facility in Malaysia.
Both parties have the option to extend the MoU through mutual written agreement.
The MoU was signed by managing director Anuar Yusof on behalf of TNB Remaco. GEL was represented by Sanjay Barde, its chief executive officer.
TNB president and chief executive officer Datuk Seri Azman Mohd described the venture as a further manifestation of TNB’s drive for international expansion by leveraging on its strategic equity holding in GEL.
“With the current economic dynamism, India will be a bright spot in the global economy. We are taking a long term view in India and we aim to unleash our respective strengths to allow TNB to create a strong foothold and maximise opportunities inherent in the Indian power industry,” he said.
“Towards this end, we are also looking to expand our expertise and business reach in the transmission and distribution space in India through GEL.”
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