MUMBAI, Feb 15 (Reuters) - Indian state-run firms NTPC Ltd (NTPC.BO) and Nuclear Power Corp of India Ltd have agreed to form a joint venture to build a 2,000 megawatts nuclear power plant in India.
NTPC, India’s largest power utility, will hold 49 percent stake in the venture, it said in a statement over the weekend. Nuclear Power Corp will hold the majority 51 percent stake.
It did not disclose financial details, but Indian newspapers estimated investment in the join venture would total 150 billion rupees ($3 billion) over eight years, with the two firms bringing in 50 billion rupees as equity.
India signed a nuclear pact with the United States last year, giving New Delhi access to civilian nuclear fuel and technology for the first time in three decades, and opening up a potential multi-billion dollar market to global trade.
The country hopes to generate 20,000 MW through nuclear power by 2020, boosting supply for its power-starved economy, which currently faces shortages of up to 16 percent at peak hours. Existing nuclear power capacity stands at about 4,000 MW. ($1=48.6 rupees) (Reporting by Prashant Mehra; Editing by Tomasz Janowski)