Germany-based Uniper and India Power Corporation Limited (IPCL) have agreed to establish a power plant services joint venture (JV).

Both Uniper and IPCL will each own a 50% stake in the JV, named India Uniper Power Services.

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The newly formed company will provide a wide range of flexible and customised services to customers in the Indian power sector.

"The joint venture will combine strengths of strong partners with complementary scope and portfolio."

India Uniper Power Services will provide plant operations and maintenance, asset monitoring software, analytical tools, lifecycle extension, and the supply and integration of pollution control equipment and systems.

IPCL chairman Hemant Kanoria said: "The joint venture will combine strengths of strong partners with complementary scope and portfolio.

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"Uniper's experience of owning and managing a portfolio of about 40GW in various countries will allow India Uniper Power Services to adopt best practices and make thermal power plants more competitive.

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“IPCL's expertise and knowledge of the local market will help the company become a key player in the thermal generation sector and focus on improving the efficiency of power plants in India."

Uniper offers a broad range of services with a focus on power generation and global commodity trading, while IPCL is involved in power generation, distribution and power trading.

IPCL is setting up a 450MW coal based power plant at Haldia, which is expected to be commissioned later this year.