India’s sole nuclear power generating company NPCIL and state-owned NTPC signed a memorandum of understanding (MoU) to jointly work towards setting up nuclear power plants.
India’s sole nuclear power generating company Nuclear Power Corporation of India Limited (NPCIL) and state-owned National Thermal Power Corporation (NTPC) on Saturday signed a memorandum of understanding (MoU) to jointly work towards setting up nuclear power plants.
S K Jain, chairman and managing director, NPCIL, said, “Under the terms of the MoU, a joint venture company will be formed which will set up nuclear power plants across the country.” NPCIL will have a 51% stake in the JV while the remaining will be held by NTPC. The plants will be set up under a debt-equity ratio of 70:30 wherein the equity portion will be shared between 51:49 partnerships.
He said though both the companies are open to all options, they would preferably focus on setting up power plants with 700 mw reactors based on indigenous technology using natural uranium and heavy water moderated.
R S Sharma, chairman and managing director, NTPC, said, “We already have a corporate plan for investment into nuclear power plants and will use that equity to invest in the joint venture.” He said the equity will be obtained through internal resources. The initial target for the joint venture company will be to set up a capacity of 2000 mw based on domestic or foreign technology, he said.
Meanwhile, the 17 plants in the country, currently operating below 40 per cent of their capacity, will be able to operate at 90 per cent load factor in the next 12 months with the availability of uranium from France and Russia, said union minsiter of state for power and commerce Jairam Ramesh who was present at the occasion. India has recently inked contracts for uranium supply with France’s Areva and Russian firm TVEL. Asked about tapping uranium available in Meghalaya, Ramesh said he had a talk with the chief minister of the state and was hopeful that things would work out smoothly.
A white paper has been prepared and shared with all the members of Meghalaya Assembly. Within this year we expect a major breakthrough in starting uranium mines in Meghalaya, the minister said.
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