New Delhi: Power equipment manufacturer Bharat Heavy Electricals (BHEL) will spend nearly Rs 5,000 crore ($1.25 billion) over the next three years in its yet-to-be-formed joint venture (JV) companies with power utility NTPC and Nuclear Power Corporation of India (NPCIL), reported Business Standard.

"A portion of this money will also be spent on other possible ventures with private sector companies," said K Ravi Kumar, Chairman and Managing Director, BHEL.

To construct power plants and also manufacture power equipment, BHEL and NTPC agreed to form a joint venture in September last year. Kumar said the new company, which would take up projects both in the country and overseas, was likely to be formed by next month.

Kumar said that a JV with NPCIL, which will take up engineering, procurement and construction for nuclear power plants in India and overseas, is also likely to be formed in the first half of the next financial year.

NPCIL, the only company mandated to set up nuclear plants in India, currently generates about 3,900 Mw of electricity from its 16 power plants. The company plans to more than double its capacity to 10,000 Mw over the next six years.

BHEL has supplied almost 80 percent of the nuclear power equipment currently used in the country.