India signs MoU with UK on power sector investment

Jun 26, 2002 02:00 AM

Britain, which has made privatisation a success in its power sector, has offered its expertise to India under a Memorandum of Understanding (MoU) signed between the two countries. The MoU would also attract foreign investment in the power sector and help New Delhi in its ambitious plan to provide 41 000 MW of new capacity in the next five years, Federal Minister of Power, Heavy Industry and Public Enterprises Suresh P. Prabhu said.

UK Trade and Industry Secretary Patricia Hewitt will lead a delegation to India in January next year to explore possibilities of investment, and also attend the first formal meeting of the Working Group established under the MoU to promote and facilitate reform in the power sector.
"The MoU provides for the establishment of a Joint Power Sector Working Group for promoting and facilitating reform in the power sector," Prabhu told. It also envisaged undertaking various measures to facilitate development of the power sector, the exchange of experts and sharing of information, experiences and best practices, he said.

The concerned ministers of the two countries would be the patrons of the Group, which would meet every year to review progress of the implementation of the MoU.

Source: PennWell Corporation and PennEnergy, Inc.
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