Indian diversified conglomerate Larsen and Toubro has signed a pact with a Russian nuclear energy major to design and develop reactors for the Indian market, including four at Kudankulam in Tamil Nadu.
Atomstroyexport, with which the pact has been signed, is currently implementing projects that make up 20 percent of the world volume for nuclear facilities, the $7-billion Indian company said in a statement. "The memorandum of understanding will form the basis of cooperation between the two companies and address the needs for equipment and other services arising from the agreement signed between India and Russia on Dec 5, 2008," the statement said.
One of the main components of the agreement was for four additional reactors at the Kundankulam site in Tamil Nadu.
Larsen and Toubro, along with its Russian partner, will develop cooperation in the construction of these four power projects, as also look at the possibility of executing projects with Atomstroyexport's reactors in India and abroad.
Besides building reactors, the pact will cover areas such as supply of equipment, systems, valves, electrical and instrumentation products, as also fabrication of structurals and piping.
Besides Russia and India, Atomstroyexport has its presence in three countries, namely China, Iran and Bulgaria, and is supported by five decades of Russian experience in atomic energy and the construction of nuclear power projects.