Indian Oil Corporation (IOC), India’s largest oil firm, will set up a US$2b nuclear power plant in association with Nuclear Power Corp of India (NPCIL).
"We have signed a memorandum of understanding (MoU) for setting up at least one 1,000 Mw nuclear power power plant with NPCIL," IOC Director (Business Development) B M Bansal said.
NPCIL will be the operator and take at least 51 per cent stake while IOC is contemplating taking either 49 per cent or 26 per cent interest.
IOC may invest Rs 1,000 to Rs 1,500 crore as equity in the project with NPCIL.
Techno-commercial modalities, including source of nuclear fuel and site would be decided over the next six months.
NPCIL will involve IOC in an approved project so that the project is constructed by 2014.
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