ONGC to take up stake in nuclear power generation

State-owned Oil and Natural Gas Corp (ONGC) plans to take a 49-per cent stake in one of the five proposed nuclear proposed nuclear power plants being set up by Nuclear Power Corp of India Ltd (NPCIL).

The company plans to invest around Rs2,940 crore over a five - six years in the project.

According to a company official, ONGC was in discussions with NPCIL for incorporating a joint venture for setting up a nuclear power plant.

He added NPCIL would have a minimum of 51-per cent stake in the joint venture while ONGC would have a maximum of 49 per cent.

The joint venture would set up nuclear plants which it would build, own and operate for energy generation at mutually agreed locations. The joint venture would be managed by a Board of Directors made up of nominees from both the companies.

The chairman of the company would be drawn from the directors nominated by NPCIL.