State-run Power equipment manufacturer Bharat Heavy Electricals (BHEL) and the country's largest power producer NTPC have formed a 50:50 joint venture company christened, NTPC-BHEL Power Project Pvt. Ltd.

NTPC and BHEL had, in September last year, decided to form a joint venture to execute power projects in India and abroad. The joint venture will carry out Engineering Procurement and Construction (EPC) contract for power plants and infrastructure projects as well as manufacture and supply equipment in India and abroad.

The venture plans to invest upto Rs 100 billion through a combination of debt and equity for starting its equipment manufacturing operations.

It is also likely that the joint venture company will bid for the future ultra mega power plants (UMPPs).