OREANDA-NEWS. December 21, 2011. National Aluminium Company Limited (NALCO) and Nuclear Power Corporation of India Limited (NPCIL) today signed a joint venture agreement at Mumbai to form a Joint venture company for establishment of Nuclear Power Plants in India. Both the companies have already selected Kakrapar units 3 & 4 of 700 MW each in Gujarat as their first JV project where the construction work has already started. Dr. S. K. Jain, CMD, NPCIL welcomed the move to partner with NALCO in its journey to enhance the power generation capacity in nuclear sector to cater the ever growing energy needs of  India and hoped that the scope of the JVC will further be enlarged to embrace more projects. 

Shri B. L. Bagra, CMD, NALCO in his address underlined NALCO’s plans for diversification to power sector and to harness the clean energy source as Nuclear and Wind Power. The 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.

Under the JV agreement signed today, NALCO would have 49% equity stake out of which 26% equity would be contributed now which would be enhanced later to 49%. The balance 51% would be controlled by NPCIL. Meanwhile, NALCO‘s 50 MW wind power project is at advanced stage of construction in Andhra Pradesh. The company has also plans to bid for 4000 MW UMPP in Odisha and has been pre-qualified for the project. The signing ceremony was attended by Director (Project) and Director (HR) of NPCIL and Director (P&T) of NALCO besides senior officers from both companies.