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The joint venture agreement, signed last evening, would also execute transmission projects worthRs 2,000 crore in the state. The JV would have 50:50 stake, which is the first of its kind in the state, Energy Secretary P K Jena said on Tuesday.
"Odisha plans to spend Rs 10,000 to Rs 12,000 crore on development of transmission during the 12thfive year plan period from 2012-17," he said.
Stating that the existing managerial capacity of OPTCL is not adequate to undertake such massive transmission work, he said the state government had decided to go for a joint venture to harness the techno-managerial and financial support of PGCIL.
A large number of grid stations would be set up during this period, he said.
OPTCL had earlier given proposals to the state government seeking permission to sign a JV agreement with PGCIL, Odisha Mining Corporation (OMC) and Mahanadi Coalfields Limited (MCL).
OPTCLhas also plans to enter into a joint venture arrangement with MCL and OMC to implement some transmission projects to cater to the power needs, the energy secretary said.
Jena said five power plants would be operated in the state by 2014.
The naming and registration of the company would be done within seven days, Jena said adding that the state government would apply for a licence from Odisha Electricity Regulatory Commission (OERC) after January 5 2013.
