NPCIL-NALCO Power Company Incorporated

Bhubaneswar: A fortnight after being formed to set up nuclear power plants, the new joint venture company of Nuclear Power Corporation of India Limited (NPCIL) and NALCO held its first meeting here on Friday.

The new JV company, namely NPCIL-NALCO Power Company Limited was incorporated on March two. The first meeting of its Board of Directors met here to discuss important issues, official sources said.

NPCIL and NALCO signed a joint venture agreement in November last to form a Joint Venture company for the establishment of Nuclear Power Plants in India.

As per the JV agreement, aluminium major NALCO has 26 per cent stake in the newly formed company, which is proposed to be enhanced to 49 per cent subsequently. The balance stake will be controlled by NPCIL, the sole producer of nuclear power in India, sources said.

Both the companies have already selected Kakrapar Units 3 and 4 of 700 MW each in Surat district of Gujarat as their first JV project with an estimated project cost of Rs.11,500 crore.

The project will utilize indigenously developed Pressurised Heavy Water Reactors (PHWR). The construction work has already started and the project is scheduled to be commissioned by December, 2015.

NALCO CMD B.L. Bagra, who represents the aluminium PSU on the Board, said the the new joint venture company is a milestone in NALCO?s endeavour to diversify into power sector and to harness clean energy source.