Indian Oil Corporation (IOC) is expected to sign an MoU with Nuclear Power Corporation of India Ltd (NPCIL) to form a JV to set up a nuclear power plant, by end-September 2009.

IOC has received its board's in-principle approval for its nuclear power generation foray.

After signing the MoU, the two companies are expected to sign confidentiality agreement wherein NPCIL will share details of the projects it is planning. IOC is expected to look at the viability of each project before choosing a project for joint execution. IOC is likely to be a minority partner in the venture.

IOC is likely to acquire 26 to 49 per cent stake in NPCIL's upcoming Rs 28,050 crore 3,300 MW Jaitapur plant in Maharashtra, Rs 18,000 crore 2,000 MW Kudankulam unit in Tamil Nadu and a Rs 14,000 crore 1,400 MW plant that may be located at Kakrapar in Gujarat or Rawatbhata in Rajasthan.

Also See:

BHEL, NPCIL to rope in third partner (13-Jul-09)

Addendum:

IOC signed an MoU on 4 November 2009 with NPCIL to jointly set up nuclear power plants in the country.