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Tata Power signs accord with Russia’s top coal miner

Mumbai, Feb 23 India’s largest integrated electric utility company Tata Power Monday said it has signed a preliminary accord with Russia’s largest coal miner Siberian Coal Energy Company (SUEK) to develop opportunities in the energy sector there.

“As part of the agreement, both – Tata Power and SUEK – will cooperate on identifying and targeting opportunities in the energy sector in Russia and other geographies of common interest to develop mutually beneficial transactions,” the company said in a statement.

This is the first time that the Indian firm is poised to enter the Russian zone.

In December 2014, the company had signed an initial agreement with a Russian direct investment fund company to explore investment opportunities in the energy sector.

The power company has been strengthening its international presence in recent times.

It has strategic investments in Indonesia through a 30 percent stake in a coal company PT Kaltim Prima Coal and another 26 percent stake in PT Baramulti Suksessarana Tbk.

Its other collaborations and projects include a variety of companies in South Africa, Botswana and Namibia in Africa, Singapore, Australia and Bhutan.

The electric firm generates about 8,621 MW of power of which 7,407 MW is from thermal sources.