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IOC may acquire 49% stake in the joint venture with NPCIL  

IOC may acquire 49% in NPCIL JV

MUMBAI: Indian Oil Corporation (IOC) may acquire up to 49% stake in its proposed joint venture with Nuclear Power Corporation of India (NPCIL) as against the 26% holding announced earlier, says a senior NPCIL. “IOC has communicated to us internally that it will acquire 49% stake in the proposed venture which will own the seventh and eight unit of Rajasthan plant of 700 mw each,” said JK Ghai, director (finance), NPCIL.

State-run IOC had earlier said that it would invest Rs 961 crore for 26% stake for setting up the 1,400 mw nuclear power project with NPCIL. The project is being set up at a total outlay of Rs 12,000 crore, to be financed in the debt-to-equity ratio of 7:3. The state-run nuclear power producer is also forming joint ventures with other public sector enterprises such as National Aluminium Co and NTPC .

NPCIL may exceed its annual generation target of 22 billion units for 2010-11 due to availability of imported fuel, Mr Ghai said. In April-September, the utility generated 10.85 billion units of electricity, up 5% from the target for the period. “With this trend, the total generation in 2010-11 is expected to be about 10% higher than the target fixed for the corresponding period,” Mr Ghai said.

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