NPCIL-Nalco to set up nuclear power plants in India

NPCIL-Nalco will set up two 700MW nuclear power plants in India by March 2016.

The total project size is Rs 115 billion or US$2.12 billion, with the total debt requirement at Rs 70 billion or US$1.23billion.

It will need US$276.12 billion for power plant construction in India over the next three months.

The company, a joint venture between Nuclear Power Corporation of India (NPCIL) and National Aluminium Company (Nalco), is also exploring other options such as a bond issue or external commercial borrowings to raise funds.

Nalco finance director, B L Bagra, said: "Initially, we are looking for Rs 1,000 to Rs 1,500 crore funding from various banks. We are in talks with the banks and hope to complete the process in the next two-three months."

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