Calcutta, July 7: NTPC-Bhel Power Projects Ltd is likely to get its first chief executive officer (CEO) by the end of this month.
The newly formed joint venture between National Thermal Power Corporation Ltd and Bharat Heavy Electricals Ltd (Bhel) will manufacture power plant equipment.
Jairam Ramesh, the Union minister of state for power and commerce, said a search committee had been set up to make the appointment.
The committee will be headed by the secretary for heavy industries. The CEO will be appointed by the end of this month. I am going through the final business plan for the company which we will make public this week, Ramesh said.
The joint venture company, which is expected to invest Rs 6,000 crore over the next five years in greenfield projects, will raise the money in a debt-equity ratio of 70:30, said K. Ravi Kumar, chairman and managing director of Bhel.
The business plan will outline the companys strategy to initially secure engineering procurement and construction contracts for power projects.
This will be followed by the manufacturing of critical balancing of plant equipment.
The third stage will involve the setting up of manufacturing bases to produce the main equipment having an annual capacity of 4,000MW by 2013.