Punj Lloyd, US-based Thorium Power sign MoU

04 December 2008

With the signing of the nuclear deal between India and US, the New Delhi-based diversified engineering and construction Punj Lloyd Group has signed a deal with US-based Thorium Power Ltd., a leading developer of non-proliferative nuclear fuel to explore nuclear fuel designs in India, Southeast Asia and other territories

Yesterday, Nuclear Power Corporation chairman and managing director S K Jain, said that India is committed to the three-stage nuclear power development programme involving the use of pressurised heavy water reactors, the fast breeder reactors and the thorium reactors (See: India committed to developing thoreum reactors: NPCIL chief).

Punj Lloyd hopes that with the signing of the deal with Thorium Power it will be able to expand its strenghts in nuclear fuel designs and the scope of its consulting activities in the nuclear power generation sector and set up joint venture in areas of nuclear fuel generation.

"The Indo-US civil nuclear deal has opened up investment opportunities which will make the Indian industry robust and competitive," said Atul Punj, chairman, Punj Lloyd Group. "The nuclear space is very promising and with this partnership we aim to take forward India's longstanding commitment to the thorium fuel cycle, notwithstanding the opening up of trade in conventional uranium technology.

Punj  added that India has the second largest deposit of thorium in the world and the successful launch of thorium technology would make India self reliant with its own fuel in the long run.

He said, "With immense opportunities in the engineering, procurement and construction (EPC) space, it is a privilege for us to be working with the nuclear energy pioneer Thorium Power. Continuing our expansion in high-growth areas, we believe that this MoU will play a vital role in strengthening our expertise" he further added.