The Business Bytes
Ranchi, September 17, 2024 (TBB Bureau): In a landmark decision aimed at bolstering India’s energy infrastructure, the Government of India has granted approval for the establishment of Anushakti Vidhyut Nigam Ltd. (ASHVINI), a joint venture between Nuclear Power Corporation of India Limited (NPCIL) and NTPC Ltd. This strategic partnership will empower ASHVINI to build, own, and operate nuclear power plants across the nation, adhering to the provisions of the Atomic Energy Act.
On September 11, 2024, the approval also included the transfer of the Mahi Banswara Rajasthan Atomic Power Project (MBRAPP), a significant initiative comprising four 700 MW units utilizing indigenous Pressurized Heavy Water Reactor (PHWR) technology, from NPCIL to ASHVINI. This move is expected to significantly enhance the capacity and efficiency of nuclear power generation in India.
In a further boost to the venture, the government has granted NPCIL an exemption to invest over ₹500 crore and NTPC an exemption for investments exceeding ₹5,000 crore in a single joint venture or subsidiary. This financial flexibility is anticipated to facilitate substantial funding for the accelerated addition of nuclear power capacity, essential for meeting India’s growing energy demands.
The establishment of ASHVINI represents a pivotal step toward pooling resources from both NTPC and NPCIL, harnessing their respective strengths in finance, technology, and project management. The collaboration aims to expedite the country’s nuclear power expansion, aligning with India’s commitment to achieving Net Zero emissions by 2070.
The official handover of government approval was marked by a ceremony on September 17, 2024, attended by the Chairmen and Managing Directors of NPCIL and NTPC, signalling the beginning of a new chapter in India’s nuclear energy landscape.
