NTPC said that the Union Government has accorded approval to the proposal for the formation of Anushakti Vidhyut Nigam (ASHVINI), a joint venture between the company and Nuclear Power Corporation of India (NPCIL).
NPCIL will hold 51% stake in the JV and the remaining 49% stake would be owned by.
The JV would build, own & operate nuclear power plants in India, in accordance with provisions of the Atomic Energy Act.
Additionally, the Government of India has approved transfer of Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) 4x700 MWe based on indigenous PHWR technology, from NPCIL to the JV company ASHVINI.
The government has also approved exemption to NPCIL to invest more than Rs 500 crore and exemption to NTPC to invest more than Rs 5000 crore in a single JV/subsidiary company. This will enable adequate financing for accelerated nuclear power capacity addition in India.
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In addition to MBRAPP, ASHVINI shall also pursue other nuclear power projects in different parts of the country.
NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. As on 30 June 2024, the Government of India holds 51.10% in NTPC.
The state-run power majors consolidated net profit increased 12.33% to Rs 5,474.14 crore on 12.64% rise in revenue from operations to Rs 48,520.57 crore in Q1 FY25 over Q1 FY24.
The scrip rose 0.11% to currently trade at Rs 416.75 on the BSE.
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