Punj Lloyd-group firm PL Engineering Ltd and the Indian unit of French nuclear engineering firm, Nuvia, signed an agreement on Wednesday to form a venture for nuclear engineering and support services. The proposed venture, which is slated to have a 50:50 equity structure, is being formed to capitalise on an expected surge in demand for nuclear energy-related services in India. The agreement will lead to the creation of a new joint venture company to deliver quality nuclear engineering and operational support services to the global market, a joint statement from the companies said.
The joint venture will focus initially on providing services to the growing Indian nuclear sector and will later look at the global market. Mr Atul Punj, Chairman, Punj Lloyd, said, "It's not just India that has very aggressive plans but globally countries are now talking more and more aggressively about ramping up into the nuclear sector, which is arguably considered the greenest energy that exists today. The venture will focus on providing services to the Indian nuclear energy sector and may expand its offerings to the global market."
Punj Lloyd and Nuvia will hold equal stake in the new venture, the Nuvia Group Chairman, Mr Jerome Stubler, said at a press conference. Nuvia, part of French construction and concession company Vinci SA, offers engineering and support services to nuclear power producers, power plant operators and turnkey contractors. The companies are working on the broad size of investments and the process will be completed in 120 days, Mr Punj said.
