ONGC to form JV with NPCIL

ONGC plans to have joint venture (JV) with Nuclear Power Corp of India (NPCIL). The company is to invest aro­und Rs 2,940 crore in 5- 6 years in the project. ONGC plans to buy 49 per cent of the shares of one of the five proposed nuclear plants of NPCIL and through the JV, the nuclear plant will be constructed, maintained and operated by the committee formed by the two companies together. Nuclear energy is becoming the major power generation sector for India, and it can eradicate the problems of fuel price and green house gas emission from fossil fuels.