November 3 -- Xinjiang Tianfu Thermoelectric ( 600509.SH), a company involved in the production of power and heat, plans to spend 49 million yuan to set up Xinjiang Tiante Logistics, a joint venture with Xinjiang Tianchi Energy, reports yicai.com, citing a company filing.

The proposed joint venture will have a registered capital of 100 million yuan, and Tianfu Thermoelectric will hold a 49 percent stake.

Xinjiang Tiante Logistics will mainly be engaged in the development and construction of a coal logistics base, and in coal sales and coal storage.

The company said the investment will not only meet its demand for coal, but will also supply coal to nearby power plants.

Source:CapitalVue