The company has secured an in-principle approval from its board for partnering the Damodar Valley Corporation (DVC) for setting up the project, TPC has said in a notice to the Bombay Stock Exchange.
The project was initially conceived as a 45:45 joint venture between DVC and BSES. The balance 10 per cent was to be picked by financial institutions. The project is being developed by a special purpose vehicle called Maithon Power.
Later, BSES decided to exit the venture by selling its stake to DVC as it is keen on gas-based projects following the gas discovery by the Reliance group in the Krishna-Godavari basin. BSES is at present a Reliance group company.
