National Aluminium Company Limited (NALCO) on Wednesday signed a joint venture agreement with the Nuclear Power Corporation of India Limited (NPCIL) to form a joint venture company for setting up nuclear power plants in India.
As per the agreement, NALCO will initially have 29 per cent equity stake in the company, which will be later enhanced to 49 per cent. The balance 51 per cent will be controlled by NPCIL.
The Nalco-NPCIL JV will set up the 3rd and 4th unit, each having capacity of 700 Mw, of Kakrapar power plant in Gujarat. The construction work of the project has already started.
Meanwhile, NALCO‘s 50 Mw wind power project is at an advanced stage of construction in Andhra Pradesh. The company also plans to bid for 4,000 Mw Ultra Mega Power Project in Orissa and has been pre-qualified for the project.