New Delhi: India Power Corporation Limited (IPCL) and Germany-based Uniper on Thursday have entered into an agreement to set up a 50:50 joint venture company to service, operate and maintain power plants. Hemant Kanoria, Chairman of IPCL, said: "Uniper's experience of owning and managing a portfolio of about 40 gigawatt (capacity) in various countries will allow the joint venture to adopt best practices and make thermal power plants more competitive." The company will offer a broad range of services including plant operations and maintenance, asset monitoring software and analytical tools, flexibilisation of units, life cycle extension, supply and integration of pollution-control equipment and systems, etc. Klaus Schafer, CEO of Uniper, said: "Europe has faced many of the challenges that India can expect to see in the years to come. Renewables-build out will impact the operating regime of conventional power plants with a need for an increased plant flexibility."