State-run Bharat Heavy Electricals Ltd. (BHEL), on Thursday, said it had decided to exit Udangudi Power Corporation by selling its 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 decision to exit from the joint venture was made after a request from TANGEDCO to undertake the Udangudi project as a State Government initiative. The joint venture was set up between BHEL and the Tamil Nadu Electricity Board in November, 2008.