Mumbai, Feb 15 (ANI): The National Thermal Power Corporation (NTPC) has signed a Memorandum of Understanding with the Nuclear Power Corporation of India Limited (NPCIL) to execute joint venture (JV) nuclear power production.
The MoU was signed here by S. K. Jain, Chairman and Managing Director of NPCIL and R. S. Sharma, Chairman and Managing Director of NTPC.
Union Minister of State for Commerce and Power Jairam Ramesh said the venture would strengthen the country's nuclear capacity.
"The priority of this joint venture is to strengthen the expansion of nuclear capacity based on indigenous technology," Ramesh said.
Anil Kakodkar, Chairman of the Atomic Energy Commission, said only a public sector company would be allowed to set up a nuclear power plant.
In the first joint venture in nuclear power generation in the country, the NPCIL will hold a majority 51 per cent equity in the venture while NTPC will hold the remaining 49 per cent equity.
On Wednesday, Russia and India inked deals worth more than 700 million dollars to supply Indian nuclear reactors with fuel pellets.
Major nuclear powers-including Russia, European states and the United States-are scrambling to sell their respective nuclear commercial services to India.
French state-controlled firm Areva has signed a Memorandum of Understanding to build six new generation evolutionary power reactors (EPRs) in India, potentially worth about 30 billion Euros. (ANI)