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L&T to partner Canada co for nuclear power

L&T said that it would partner Atomic Energy of Canada for the marketing and manufacture of 1,000 mw nuclear reactors.

Written by Agencies | Mumbai |
January 22, 2009 5:28:57 pm

India’s Larsen & Toubro said on Thursday it would partner Atomic Energy of Canada Ltd for the marketing and manufacture of 1,000 megawatt nuclear reactors,its second such tie up in a week.

The two firms plan to develop a competitive cost model of the Canadian firm’s ACR 1000 model,a pressurised heavy water reactor.

“L&T and AECL agree to begin discussions to develop nuclear power plants in India and utilise collective expertise of the parties in global markets,” L&T said in a statement.

The two companies did not disclose details of any investments in the venture.

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Last week,L&T,India’s top construction and engineering firm,said it would work with Westinghouse Electric,a unit of Japan’s Toshiba to build 1,000 MW nuclear reactors,hoping to tap Indian orders for power projects.

India signed a civilian nuclear co-operation agreement with the United States late last year and global nuclear power firms are keen to partner Indian firms expecting large orders from the power deficient nation.

Private firms are currently allowed to participate in the nuclear power sector only as a minority partner with state-run Nuclear Power Corp.

Diversified L&T,which has been riding a building boom in India over then past few years,has seen growth slow in the last few months tracking a faltering economy hit by the global financial crisis and tight liquidity at home.

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