Glitnir Bank in pact with Bhilwara Energy

New Delhi: Glitnir Bank, a Nordic bank, on Wednesday announced that it would take a 40 per cent stake in a joint venture with Bhilwara Energy Ltd to build geothermal power plants in India and Nepal.

The Reykjavik-headquartered bank is also in the process of seeking the nod from Reserve Bank of India (RBI) for setting up liaison office in Mumbai. In India, the bank wants to focus its services on three industries — geothermal energy, seafood and offshore service vessels.

“We are happy that this important joint venture has been formed with LNJ Bhilwara Group. This will encourage prospects for growth in India in the geothermal arena. Glitnir had successfully implemented a project in China. We believe similar projects can be developed in India,” Mr Larus Welding, CEO, Glitnir Bank told reporters here on Wednesday.

The joint venture company would have a authorised share capital of $10 million. Glitnir Bank will invest more money depending on the venture’s performance.