Punj Lloyd in tie-up with Thorium Power
Engineering procurement and construction major, Delhi-based Punj Lloyd Group and US-based Thorium Power Ltd signed a MoU to set up thorium-based nuclear power plants in India, Southeast Asia and other territories.business Updated: Dec 04, 2008 21:06 IST
Engineering procurement and construction major, Delhi-based Punj Lloyd Group and US-based Thorium Power Ltd on Thursday signed a memorandum of understanding (MoU) to set up thorium-based nuclear power plants in India, Southeast Asia and other territories.
This is the first agreement signed for establishing nuclear power plants in the private sector. The two companies will be equal partners in the joint venture.
“We are looking at exploring opportunities to establish light water reactors-based nuclear power plants that can act as a bridge in the nearer term for India’s growing energy needs,” Seth Grae, president and chief executive officer of Thorium Power Ltd said. “Thorium-based power plants have several advantages over the conventional heavy water reactors as they reduce dependence on uranium, and are safer, cleaner and less toxic.” According to Seth, thorium as a fuel cannot be used for manufacturing conventional nuclear weapons.
“India has the largest deposits thorium in the world and the successful launch of thorium technology will make India self reliant for fuel in the long-run,” Atul Punj, chairman, Punj Lloyd, said.
India has 17 nuclear reactors and produces about 4200 mega watts (MW) of electricity. It has a largely indigenous nuclear power programme and expects to have 20,000 MW nuclear capacities on line by 2020, subject to an opening of international trade