Power majors form JV to set up nuclear plant

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New Delhi: Witnessing the oppotunities in the nuclear sector, state-owned power majors National Thermal Power(NTPC) and Nuclear Power of India (NPCIL) have formed a joint venture to set up a nuclear power project. In this venture, NPCIL will have the majority stake of 51 percent, while NTPC will hold 49 percent in it.

The company also plans to raise up to 4,500 crore from domestic as well as international markets for meeting its expansion plans in the current financial year.

In a regulatory statement Wednesday, NTPC said the decision to start discussions with NPCIL was taken at its board meeting Oct 24. NTPC posted a net profit of Rs 2,110 cr for the second quarter ended September 30, a jump of 9.60 percent from Rs 1,925 crore in the second quarter of last fiscal.

Total income rose by 18.94 percent to Rs 10,406 crore for the quarter under review, from Rs 8,749 crore in the same period last fiscal. The company's net sales rose to 19,201 crore in the first half of the current fiscal, from 16,976 crore in the year-ago period. Shares of the company closed at Rs 134.05, up 1.09 per cent on the BSE.

The domestic nuclear industry is expected to witness a boom after the Nuclear Suppliers Group allowed trade in nuclear technology and fuel with India. The country has also signed agreements with the U.S. and France for cooperation in the civilian nuclear sector.

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