Indian oil to invest $211 mm in nuclear project

Nov 18, 2010 12:00 AM

By Archana Chaudhary

Indian Oil Corp., the nation’s largest state-run refiner, will invest 9.61 bn rupees ($211 mm) in a nuclear power plant being built jointly with Nuclear Power Corp., Oil Minister Murli Deora said. The New Delhi-based refiner will take a 26 % stake in the Rajasthan Atomic Power Project, and has the option to raise its share to 49 %, Deora told lawmakers, according to a government press statement.
The atomic project being built by state-run Nuclear Power Corp. of India in the western state of Rajasthan will cost a total of 123.21 bn rupees. Indian Oil’s board approved the investment in September 2010. Indian Oil shares has gained 30 % 2010 compared with the 14 % increase in the benchmark Sensitive index.

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