New Delhi, Feb. 23 -- State-run NTPC Ltd and EDF India Pvt. Ltd, owned by Electricite de France SA, a multinational electric utility company backed by the government of France, have joined hands to develop pumped storage, hydro, or other renewable energy projects and explore opportunities in thedistribution business.

The companies signed a non-binding term sheet on Sunday and proposed creating a 50:50 joint venture. Federico D'Amico, chief executive officer (CEO) of EDF India, and J. C. Kakoti, general manager of hydro-engineering at NTPC, signed the agreement.

NTPC said in a statement that the joint venture will undertake such projects independently or may partner with JVs and subsidiaries within India and neighbouring countries.

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