IOC wants 26% stake in Kota nuclear project

Indian Oil Corporation would pick up a 26-per cent stake in NPCIL’s  1,400-MWe power project at Kota in Rajasthan. IOC will invest Rs9,000 crore in the project.

''We would join NPCIL by picking up 26 per cent equity for Rs.900 crore in its 1,400-MWe Kota atomic plant,'' IOC Chairman and managing director BM Bansal told reporters in New Delhi on the sidelines of the Bio Fuel Conference held there.

Nuclear Power Corporation of India Limited is setting up a 1,400-MW nuclear plant at Kota, which is scheduled for completion by 2015-16. ''The joint venture agreement would be signed in a month,'' Bansal added.

The project is proposed to be financed by both partners in the debt equity ratio of 70:30. IOC has already announced its intention to enter the power sector in a big way.