B M Bansal (second from right), Chairman, IndianOil, and Dr S K Jain, Chairman and Managing Director, NPCIL, exchanging the agreement documents for setting up nuclear power plants in India, in the presence of Board members and senior officials of IndianOil and NPCIL
IndianOil and Nuclear Power Corporation of India Ltd (NPCIL) have entered into a joint venture agreement for setting up nuclear power plants across the country.
The agreement was signed by B M Bansal, Chairman, IndianOil, and Dr S K Jain, Chairman & Managing Director, NPCIL, at Mumbai on January 12, in the presence of senior officials from both the companies.
With this historic agreement, IOC's successful forays into renewable energy sources like solar, wind, bio-fuels, hydrogen, etc., will now be augmented by nuclear energy. IndianOil has recently bagged a project to set up a 5.5 M W solar power project at Bamer, Rajasthan.
India's nuclear power industry is undergoing rapid expansion with plans to increase nuclear power output to 63,000 MW by 2032. Nuclear energy offers emission-free and environment-friendly energy on an expansive scale the world so urgently requires.
NPCIL, a wholly-owned enterprise of the Government of India under the Department of Atomic Energy, and its subsidiaries under the Atomic Energy Commission (AEC) are the only agencies authorised for setting up nuclear power plants in India. Presently, NPCIL operates 20 nuclear reactors with a total installed capacity of 4,780 MW and six reactors with 4,800 MW capacity are under construction.