GN Bureau | November 23, 2015
In a bid to push for erection of nuclear power projects, the cabinet has given green signal to amend the atomic energy act and allow joint sector units.
"The amendment has been brought in to facilitate the fast expansion of the nuclear power, utility and establishment, and this is living up to India's commitment of using nuclear energy for peaceful purpose," Jitendra Singh, union minister of state for the Prime Minister's Office, which looks after the Department of Atomic Energy (DAE), said.
The changes will enable Nuclear Power Corporation of India Ltd (NPCIL) to enter into joint ventures with other public sector undertakings.
"The NPCIL is not being able to enter into joint ventures with other PSUs and companies because of the existing nature of the companies act, which did not provide for this kind of provision for government sector companies," Singh added.
Singh said the move will help in getting funds for big ticket projects. Concern over lack of financial resources has been raised by the department of atomic energy (DAE) frequently. The amendment will enable NPCIL, which is one of the PSUs of DAE, to enter into joint ventures with other government undertakings.
"With the amendments, we are facilitating entry of NPCIL for joint ventures with other PSUs. For example, a PSU with the ministry of power can collaborate with NPCIL and could help in common objective of power generation network. Significantly this does not imply any financial constraint on the part of the department of atomic energy. On the contrary, it will enable it to raise finances from the other side," Singh said about the possibilities that the changes will bring in the sector.
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