Power Finance Corporation said it has signed a pact with NTPC Ltd, Power Grid Corporation of India Ltd and Rural Electrification Corp Ltd to set up a joint venture company to promote energy efficiency projects in the country.

The joint venture in which each partner will hold 25% will promote energy efficiency, conservation and climate change. The venture named Energy Efficiency Services Ltd has been formed with an equity contribution of INR 190 crore and will target revenues of INR 700 crore annually by promoting companies working in the area of energy efficiency.

(Sourced from Business Line)