NTPC, NPCIL form joint venture 'Anushakti Vidhyut Nigam Ltd'
27 Jan 2011
National Thermal Power Corporation Ltd (NTPC), the country's largest power sector utility, has set up a joint venture with renewable energy major Nuclear Power Corporation of India Ltd (NPCIL).
The joint venture 'Anushakti Vidhyut Nigam Ltd', in which NPCIL will hold 51 per cent equity share capital and NTPC the remaining 49 per cent, was incorporated today (27 January 2011).
"This company has been formed for the purpose of development of nuclear power projects in the country within the framework of Atomic Energy Act, 1962," NTPC said in a filing with the Bombay Stock Exchange (BSE).
Meanwhile, the government has disallowed the planned three-way joint venture of BHEL and NPCIL with French energy major Alstom to make nuclear turbines, citing conflict of interest.
The department of atomic energy contends that Nuclear Power Corp of India (NPCIL) cannot be both a buyer and supplier of nuclear turbines, as this could hurt price discovery, officials said.
The venture has already secured commitments worth over Rs7,500 crore to build turbines for 10 nuclear energy plants of 700 mw each.
