Merrill, Modi form joint Indian venture
Merrill International Ltd. and Modi Group have formed a joint venture, Modi-Merrill Energy Private Ltd., to develop privately financed power projects in India.
Modi Group, based in New Delhi, India, is an industrial and manufacturing group, while US-based Merrill is an independent development entity working outside the continental United States on behalf of North American and European investors in the electricity field.
“The Indian energy marketplace demands developers and operators with an intimate knowledge of the requirements of energy users, fuel supply, technology options, local conditions and appropriate financing,” according to a joint statement.
The venture will engage in development of energy projects, to range from inside-the-fence cogeneration plants to conventional, multi-unit generating stations selling into a national or state power supply.
The venture`s first project is a 25-MW unit at the Bihar Sponge Iron facility in Chandil, Bihar. It is anticipated that excess power will be sold to the Bihar State Electricity Board.