Tata Power Enters South African Mart

Mumbai, June 29 | Updated: Jul 1 2004, 04:06am hrs
Tata Power is entering South Africa by setting up a 500mw power generation project. The entire process is at a preliminary stage, Tata Power managing director FA Vandrevala said, without clarifying whether it would be through a joint-venture or otherwise.

He was speaking at the companys 85th annual general meeting held here on Tuesday. The meeting went on for six long hours after two minority shareholders alleged fault with the accounting treatments and demanded adjournment of the AGM.

The adjournment motion, however, was defeated with 10 ballots for the resolution, while 118 went against the resolution. In terms of votes, 4,32,000 votes were for, while 6,63,00,000 votes were against. Later, the shareholders demanded voting on four resolutions, the outcome of which will be declared on Tuesday July 6, 2004, Tata Power chairman Mr Ratan Tata said.

Earlier, Mr Vandrevala stated that the company would focus on power projects abroad in generation and transmission. Later, responding to shareholder queries, Mr Tata said that the company had plans to add 3,000mw over the next five years. We are also looking at larger projects in excess of 1,000mw, he added, responding to a query that the company was only looking at small size projects. The company is also looking at a gas-based power project in North India, Mr Tata revealed without disclosing any details.