Punj Lloyd Ltd will form a 50:50 joint venture company with US-based Thorium Power Ltd for building nuclear power plants. The new company will combine Punj Lloyd’s expertise in EPC contract work and Thorium Power’s technological expertise in the use of thorium to generate nuclear power. A memorandum of understanding (MoU) for this was signed between the two companies here yesterday.
Ideally, the JV would look at building up around 4,000 MW thorium fuel based power generating capacity four to five years down the line for the power utilities that would be coming up. This is the first agreement signed between an Indian company and a US nuclear power company since the Indo-US civil nuclear cooperation and the 123 agreement was signed.