India OKs NPCIL, NTPC joint venture to develop nuke plants

Authorities also relaxed rules to inject more financing in nuclear power.

The Government of India has approved the Anushakti Vidhyut Nigam Ltd. (ASHVINI), a joint venture of Nuclear Power Corporation of India Limited (NPCIL) and NTPC Ltd. that will build, own and operate nuclear power plants in the country.

NTPC said the government also allowed the transfer of the 4x700 megawatt (MW) Mahi Banswara Rajasthan Atomic Power Project from NPCIL to ASHVINI. 

To ensure adequate financing for India’s nuclear power development, the government approved the exemption to NPCIL to invest more than $5.98m (INR500 crore) and exemption to NTPC to invest more than $59.8m (INR5,000 crore) in a single JV or subsidiary company.

“This will pave the way for pooling of resources from both NTPC and NPCIL  in terms of finances, technology, and project expertise for the rapid expansion of nuclear power productivity in the country to meet the targets of Net Zero by 2070,” NTPC said.

India aims to triple its installed nuclear capacity from 8,180 MW to 22,480 MW by 2031-2032.

$1 = INR83.64