State-run Bharat Heavy Electricals Ltd. (BHEL), on Thursday, said it had decided to exit Udangudi Power Corporation by selling the entire stake to joint venture partner Tamil Nadu Generation and Distribution Corporation (TANGEDCO). The company did not share the financial details.

The 1,600-MW Udangudi power plant is expected to cost around Rs.9,083 crore. In a filing to the Bombay Stock Exchange, BHEL said the exit from the joint venture was after request from TANGEDCO to undertake the Udangudi project as a State Government initiative.

The joint venture was to develop the Udangudi power project. It was set up as a joint venture between power equipment major BHEL and Tamil Nadu Electricity Board in November, 2008. Following its restructuring in 2010, Tamil Nadu Electricity Board's stake in the joint venture was transferred to TANGEDCO.

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