KOLKATA: Nuclear Power Corporation of India Limited ( NPCIL ) has formed a new company in joint venture with National Aluminium Company Limited ( NALCO). The new JV company , namely N PCIL-NALCO Power Company Limited was incorporated on March 2, 2012. The first meeting of the board of directors of the JV company was held in Bhubaneswar on Friday.
NPCIL and NALCO signed a joint venture agreement in November last to form a Joint Venture company for the establishment of Nuclear Power Plants inIndia. As per the JV agreement, NALCO has 26% stake in the newly formed company, which is proposed to be enhanced to 49% subsequently.
The balance stake will be controlled by NPCIL , the sole producer of nuclear power in India. Both the companies have already selected Kakrapar U nits 3 & 4 of 700 MW each in Surat district of Gujarat as their first JV project with a n estimated project cost of Rs. 11, 500 crore.
The project will utilize indigenously developed Pressurized Heavy Water Reactors (PHWR). The construction work has already started and the project is scheduled to be commissioned by December, 2015.
Speaking on the occasion, Shri B.L. Bagra, CMD, NALCO, who represents the company on the Board, said that the incorporation of the new joint venture company is a milestone in NALCO’s endeavour to diversify into power sector and to harness the clean energy source.