India's Vedanta is going to tie up with a Germany based firm. The name of the German company is Evonik Energy. This has been the fifth largest German power producer. It has announced that the company has entered into a deal with Vedanta. The financial details of the deal have been informed. They have finalized the deal with Rs. 1,400-crore.

The Evonik Energy will be operating and maintaining Vedanta's power plant in Orissa. Vedanta is having a 2,400 MW power plant in the state.

Evonik Energy Services India is a wholly owned subsidiary of Evonik Energy. It has managed to receive one of the largest operation and maintenance (O&M) contracts with Sterlite Energy.

Sterlite Energy is a firm promoted by the Vedanta Group. This has been revealed by the Vedanta officials. The agreement was signed last week.

Sterlite is going to pay Rs. 200 crore every year to Evonik. The deal has been finalized for a period of seven years. The company is aiming to take equity partnership in upcoming power projects in the region.