IndianOil And Nuclear Power Corporation Sign JV Agreement For Setting Up Nuclear Power Plants

Indian Oil Corporation Ltd. (IndianOil) and Nuclear Power Corporation of India Ltd. (NPCIL) have entered into a joint venture agreement for setting up nuclear power plants across the country.

 

 

Amarillo, TX (1888PressRelease)

 

 01/19/2011

 

The agreement was signed by Mr. BM Bansal, Chairman, IndianOil, and Dr. SK Jain, Chairman & Managing Director, NPCIL, at Mumbai today, in the presence of Mr. AP Joshi, Additional Secretary (Dept. Of Atomic Energy), Mr. GC Daga, Director (Marketing), IndianOil; Mr. JK Ghai, Director (Finance), Mr. G Nageswara Rao, Director (Operations), Mr. KC Purohit, Director (Projects), and Mr. SB Agarkar, Director (HR) of NPCIL; and other senior officials from both the companies.

IndianOil is India’s flagship national oil company with business interests straddling the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas, and petrochemicals. In its endeavor to be an integrated energy major and especially to partner low-carbon energy business, IndianOil is steadfast in its commitment to partner India’s energy security goals. With this historic agreement, the Corporation’s already successful forays into renewable energy sources like solar, wind, bio-fuels, Hydrogen, etc., will now be augmented by nuclear energy. IndianOil has recently bagged a project in a competitive bidding to set up a 5.5 MW solar power project at Barmer, Rajasthan.

Nuclear power is the fourth-largest source of electricity in India after thermal, hydro and renewable sources of electricity. India’s nuclear power industry is undergoing rapid expansion with plans to increase nuclear power output to 63,000 MW by 2032. Nuclear energy offers emission-free and environment-friendly energy on the expanding scale the world so urgently requires.

NPCIL, a wholly-owned enterprise of the Government of India under the Department of Atomic Energy, and its subsidiaries under the Atomic Energy Commission (AEC) are the only agencies authorised for setting up nuclear power plants in India. Presently, NPCIL operates 20 nuclear reactors with a total installed capacity of 4780 MW and six reactors with 4800 MW capacity are under construction.