Ruia-family owned Essar Power has signed an initial agreement with Russia's INTER RAO-Export LLC to collaboration in the power sector in India, the Indian firm said today.
The memorandum of understanding and strategic cooperation was signed in St Petersburg, Russia last week, Essar said in a statement.
Maxim E. Sergeev, Director General of INTER RAO Export LLC, and Ravi Ruia, co-founder, ESSAR, signed the agreement on the sidelines at St. Petersburg International Economic Forum 2018.
"The objective of the document is to integrate the capacities of both companies for operations in the power market of India," the statement said.
The two firms would look at joint investment in the existing coal based power assets including associated coal mines as well as investing in brown field expansion of a thermal power plant.
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INTER RAO-Export LLC is a specialised subsidiary of PJSC Inter RAO created for the purpose of searching and managing the implementation of foreign projects. It's main objective is to development expansion projects overseas.
The company's portfolio includes projects worth more than USD 2 billion. It is currently developing business in a number of Latin American countries and is actively working to enter new markets in other regions of the world.
Essar Global Fund Ltd (EGFL), the holding company of Essar Power, operates as an investment fund. The company invests in energy, power generation and exploration, and metals and mining sectors. EGFL conducts business worldwide.
The statement said EGFL invests long-term capital into the portfolio companies and holds near 100 per cent stake in all its investments. The portfolio companies have aggregate revenues of about USD 15 billion and employ over 8,000 people.
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