Tata Power and ICICI Venture have joined hands to set up a joint venture, which will raise USD 850 million to invest in operational and almost ready power projects. Tata Power's wholly-owned subsidiary Tata Power International Pte Limited and ICICI Venture today announced the creation of a platform company to facilitate investment in power projects in India in the coming two-three years, which are in advanced stages and near operational readiness or operating, Tata Power said in BSE filing today. The platform company is co-sponsored by Tata Power and ICICI Bank, and commitments from partner investors, Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec (CDPQ) of Canada, Kuwait Investment Authority and State General Reserve Fund of Oman. According to statement, the platform company will raise an initial capital of up to USD 850 million to be contributed by the sponsors and partner investors either directly or through their affiliates. The platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India, it said. "It has been our constant endeavor to leverage opportunities in the Indian power sector and create stake holder value through organic and inorganic means. This Platform is one such step in this direction for assets that would be win-win for all stakeholders as it would be value accreting considering the assets would be near-completion or already operating. "We are happy to have Tata Power International has taken the initiative to join with co-sponsor &; investors of tremendous reputation namely ICICI, CDPQ, KIA and SGRF &amp; we hope this would generate good value for them too", said Tata Power Managing Director and CEO Anil Sardana. "The Platform combines the complementary skills of the sponsors and blue-chip sophisticated investors. Insightful understanding of the lndian infrastructure ecosystem supported by discerning long term global capital would provide a framework for investments with an optimum risk-return profile and also act as a catalyst for revitalization and growth of the Indian Power sector," said Executive Director, ICICI Venture Mohit Batra in the statment.