Iceland's Glitnir, LNJ Bhilwara in power JV

Iceland's Glitnir, LNJ Bhilwara in power JV

BS Reporter / New Delhi February 6, 2008

Glitnir, the North European bank headquartered in Iceland, has formed a joint venture with LNJ Bhilwara Group to develop geothermal power plants in India and Nepal. The JV is proposed to be a 60:40 partnership with Glitnir bank holding 40% stake. Glitnir will also be opening a representative office in India.

The JV will recruit a management team that will focus on developing electricity and power projects in India and Nepal utilising sustainable sources like geothermal energy.

"Glitnir had successfully implemented a project in China where we brought expertise and sourced funding for the project to heat a district in the Xian Yang province in China. We believe similar projects can be developed in India", said L