Indian Economy News

A joint venture agreement is signed between National Thermal Power Corporation Limited (NTPC) and Nuclear Power Corporation of India Ltd (NPCIL) to develop nuclear power projects

To develop nuclear power projects, National Thermal Power Corporation Limited (NTPC) signed a complementary joint venture agreement with Nuclear Power Corporation of India Ltd (NPCIL).

According to the power ministry, the joint venture (JV) intends to construct two pressurised heavy-water reactor projects: the 2,800 mega-watt (MW) Mahi Banswara in Rajasthan and the 1,400 MW Chutka in Madhya Pradesh.

NTPC quoted that the supplementary joint venture agreement has been signed to amend the earlier JV Agreement for changes necessitated due to amendment in the Atomic Energy Act and to restructure NTPC & NPCIL Joint Venture Company, ASHVINI to have equal (50:50) partnership/shareholding of NTPC and NPCIL instead of 49:51 shareholding earlier.

According to the ministry, this Supplementary Joint Venture Agreement represents a crucial step in the collaboration and cooperation between NTPC Ltd. and NPCIL in the field of developing nuclear power projects, which will aid the nation in fulfilling its clean energy commitments to hit net zero emission target by 2070.

The NTPC has also quoted that the NTPC group including joint ventures and arms crossed 3GM of operational renewable energy capacity. The NTPC Group achieved this milestone with the commissioning of first part capacity of 100 MW out of the 300 MW Nokhra Solar PV Project at Bikaner, Rajasthan on December 20, 2022.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.