IOC to invest Rs 961 cr in N-power plant JV with NPCIL

MUMBAI: State-run Indian Oil Corporation will invest Rs 961 crore in India's first joint venture nuclear power plant for a 26 per cent stake, its Chairman, B M Bansal, said.

IOC is setting up a 1,400 MW nuclear power plant with Nuclear Power Corporation India Ltd (NPCIL) at a total investment of Rs 12,000 crore, Bansal told reporters on the sidelines of the company's annual general meeting here on Tuesday.

IOC will hold 26 per cent of the equity part where the total funding of the project is in the debt equity ratio of 70:30 and will invest Rs 961 crore, he said.

The project, to be set-up at Kota in Rajasthan will be completed in five years.

IOC has an option to raise its stake from 26 per cent to 49 per cent, Bansal said.