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Larsen & Toubro and NPCIL Joint Venture to Set Up $750 Million Nuclear Integrated Melting and Forging Facility
BANGALORE, INDIA--July 30, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Indian engineering major Larsen & Toubro (BOM:500510) (L&T) (Mumbai) and the Nuclear Power Corporation of India Limited (NPCIL) (Mumbai) are likely to establish a $750 million joint venture to manufacture forgings for nuclear power plants. This month, NPCIL received an in-principal approval from Prime Minister Manmohan Singh, who is also the Minister in Charge for the Department of Atomic Energy, to develop an integrated melting and forging facility in partnership with L&T. Also, with the imminent signing of the much-debated and long-delayed Indo-U.S. nuclear deal, global power majors like Areva (EPA:CEI) (Paris), General Electric (NYSE:GE) (Fairfield, Connecticut) and Toshiba's (OTC:TOSBF) (Minato, Tokyo) Westinghouse Electric Corporation (Monroeville, Pennsylvania) have begun talks with L&T for possible joint ventures to manufacture nuclear power equipment and generate nuclear power.
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