IndianOil to form venture with NPCIL
New Delhi   03-Sep-2009
IndianOil plans to sign a memorandum of understanding with Nuclear Power Corporation of India (NPCIL) for venturing into nuclear power generation business. Mr. B. M. Bansal, Director (Planning and Business Development), told Business Line "IndianOil board has given an in-principle approval to go into nuclear power generation. We hope to sign a MoU with NPCIL this month." Based on the MoU, discussions will take place on the business model and projects, he said. This move will help IndianOil become an integrated energy company, he said adding, IndianOil would be looking at forming a joint venture." IndianOil proposes to hold between 26 and 49 per cent stake in the proposed joint venture IndianOil has forayed into wind power generation and joined hands with the Tatas for a thermal power plant. The company's plans to diversify into nuclear energy would not be at the cost of its planned investments in its core activities of oil refining and fuel marketing.