Tata Power to hold 74% stake in a JV Power company with Indian Oil Corporation

Tata Power Company has signed a Joint Venture agreement with Indian Oil Corporation (IOCL) to set up a coal based power plant in Orissa.  This plant will meet the power requirements of IOCL in its refinery, petrochemicals complex and its affiliates.  
 
Tata Power will hold 74% stake while the balance 26% stake will be held by IOCL.  However, the JV will start operating only after the IOCL board approves the investment in the refinery cum petrochemical project at Paradip.