Punj Lloyd signs pact with US-based Thorium Power

Punj Lloyd signs pact with US-based Thorium Power

Mumbai: Engineering and construction firm Punj Lloyd today said it has entered into an agreement with US-based Thorium Power for consulting activities in the development of nuclear power generation in India, South Asia and other territories.

The company has signed a memorandum of understanding with Thorium Power to expand consulting activities for the development of nuclear power generation regionally and worldwide, Punj Lloyd said in a filing to the Bombay Stock Exchange.

“The Indo-US civil nuclear deal has opened up investment opportunities which will make the Indian industry robust and competitive. The nuclear space is very promising and with this partnership we aim to take forward India’s long-standing commitment to the thorium fuel cycle," Punj Lloyd Group Chairman Atul Punj said.

Thorium Power is a US-based nuclear energy company. The company develops non-proliferative nuclear fuel technology and provides comprehensive advisory services for emerging nuclear programmes.

“Through this collaboration we will explore the full range of options available to both our companies in areas as diverse as marketing our non-proliferative fuel designs," Thorium Power President and CEO Seth Grae.

Shares of Punj Lloyd were trading at Rs148.25, up 3.67% on the BSE.