NTPC in venture with Nuclear Power Corp
Nuclear Power Corporation of India Limited has entered into a joint venture with NTPC Ltd for nuclear power generation. The venture is expected to invest as much as $3billion to build nuclear power plants, reports Anupama Airy.business Updated: Feb 16, 2009 12:01 IST
Nuclear Power Corporation of India Limited (NPCIL) has entered into a joint venture with NTPC Ltd for nuclear power generation.
The two companies would shortly float a new joint venture company, with NPCIL holding 51 stake and 49 per cent with NTPC. The new company would implement an array of nuclear power projects in the country. The venture is expected to invest as much as $3billion to build nuclear power plants, over the next 8 years.
The agreement was executed on Saturday between S K Jain, Chairman and Managing Director of NPCIL and R. S. Sharma Chairman and Managing Director, NTPC Limited in the presence of Jairam Ramesh, minister of state for commerce and power and Anil Kakodkar, chairman, Atomic Energy Commission.
Speaking to Hindustan Times, Jairam Ramesh said: “The government proposes to encourage more such partnerships between the public sector companies for nuclear power projects. After the NPCIL-NTPC J-V, a similar proposal is on the cards between the Andhra Pradesh Generation Company and NPCIL.”
A senior NTPC official said on the condition of anonymity that the proposed joint venture company is likely to execute two nuclear power projects of 1,500 mega watt each. A suitable technology pact will be signed shortly with an established supplier for sourcing nuclear reactors for these projects.
“Talks are on with leading suppliers including GE and Areva. A, agreement is expected shortly," the official said. Asked to comment, Sharma said the agreement provides for engagement of NPCIL and NTPC to work together in setting up nuclear power plants in India, within the frame-work of Atomic Energy Act.
Earlier this month, NPCIL signed an MoU with French energy major Areva for supply of two European pressurised reactors of 1,650 MW capacity each. Areva will supply the reactors for the NPCIL nuclear plant being set up at Jaiapur, Maharashtra.
NPCIL has also inked a pact to import 2,000 tonnes of uranium from Russia.
NPCIL is India' sole agency generating nuclear power, and has 17 nuclear power stations. NTPC is India's largest all-round power utility.