State-owned Transformers and Electricals Limited Kerala (Telk) on Tuesday formally launched its joint venture with NTPC. Industries minister Elamaram Karim inaugurated the new venture at a function held at Ankamaly, near here.
The JV would implement diversification, modernisation and development plans of Telk with an investment of Rs 188.65 crore. The proposed projects would be implemented in three phases to be completed by 2011. While Rs 48.25 crore would be spent for modernisation of Telk in the first phase, Rs 112.40 crore has been earmarked for development projects and Rs 28 crore for setting up a mobile maintenance unit.
A proposal to enhance the installed capacity of Telk to 12,000 MVA from the present 4,500 MVA is under active consideration of the joint venture company at an estimated investment of Rs 66 crore.
NTPC had picked up 44.6 per cent stake in Telk when the two companies had a formal tie up in June 2007 for Rs 31.34 crore. The chairman of the new joint venture would be nominated by the Kerala government while the managing director would be an NTPC nominee.
Telk registered a net profit of Rs 36.14 crore on a turnover of Rs 220 crore in 2008-09. The company has orders worth Rs 286 crore and exported products worth Rs 77 crore.
The company manufactures extra high voltage power transformers and allied electrical equipment like gas circuit breakers, bushings and reactors.