NPCIL, Nalco sign joint venture agreement
10 November 2011
India's state-owned National Aluminium Co (Nalco) has signed a joint venture agreement with Nuclear Power Corporation of India Ltd (NPCIL) for collaboration in setting up nuclear power plants in the country. The agreement was signed in Mumbai on 9 November by NPCIL chairman and managing director SK Jain and Nalco chairman and managing director BL Bagra. Nalco will initially have a 29% stake in the joint venture company, which will later be increased to 49%, the
Business Standard reported. It added that the Nalco-NPCIL joint venture will build units 3 and 4 at the Kakrapar plant in Gujarat, construction of which has already started. The joint venture agreement follows the signing of a memorandum of understanding (MoU) between the two companies in November 2009. According to that MoU, Nalco intends to invest in nuclear power generation as part of its strategy to diversify into commercial generation and sale of electricity and to leverage its experience in power generation by establishing nuclear power plants jointly with NPCIL.