Nalco signs pact with NPCIL to set up nuclear power plant

Nalco signs pact with NPCIL to set up nuclear power plant

Bhubaneswar: National Aluminium Company Limited (Nalco) has entered into an agreement with the Nuclear Power Corporation of India Limited (NPCIL) to set up nuke power plants within the country in a joint venture, official sources said.

Nalco has plans for diversification to power sector and to harness the clean energy, Nalco CMD B L Bagra said on Thursday after the company signed the JV agreement yesterday at Mumbai.

“Signing of the JV agreement is considered as the foundation stone for formation of the JV company and is a milestone in Nalco’s endeavour to diversify in power sector," Bagra said.

Under the JV agreement, Nalco would have 49% equity stake, out of which 26% equity could be contributed now. Later, the equity share would be enhanced to 49%. NPCIL’s share was 51%.

Nalco’s 50 MW wind power project is at an advanced stage of construction in Andhra Pradesh, Bagra said adding that the company has also plans to bid for 4,000 MW Ultra Mega Power Plant (UMPP) in Odisha.

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