Punj Lloyd Ltd has announced that PL Engineering Limited, a Punj Lloyd Group Company, on September 29, 2010, has entered into a partnering agreement with Nuvia India Pvt. Ltd, part of Nuvia, a French major providing engineering and technical support for the nuclear power sector.
The partnering 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. The Joint Venture will focus initially on providing services to the growing Indian Nuclear sector and will later look at the global market.
Speaking on the agreement, Atul Punj, Chairman, Punj Lloyd Group said, “We are extremely pleased to partner Nuvia and further strengthen the existing bilateral relations between France and India. This alliance will open new opportunities and ensure a rapid entry into a market that demands high levels of quality and attention to detail, which we are very familiar with in our present areas of operation.”
Jerome Stubler, Chairman, Nuvia Group said, “We have over five decades of experience in supporting nuclear power plants and their infrastructure globally. We intend to play our part in India’s nuclear expansion programme and are delighted to have entered into a partnership with the Punj Lloyd Group to leverage the existing opportunities in the Indian nuclear sector. This is an important milestone in the developments we have planned for Nuvia India.”
Given the emphasis on accelerating the civil nuclear power program in India and the political encouragement on international collaboration, Nuvia has committed itself to establish a significant base in India in collaboration with the Punj Lloyd Group to offer its engineering and technical support services and range of specialist products to the global nuclear market.
PL Engineering has made a strategic decision to enter the nuclear supply chain following the acceleration of the Indian nuclear programme with the introduction of new international reactor vendors. The skill sets and experience in working in highly regulated market sectors such as oil and gas are readily transferable to the emerging nuclear sector.
This JV will bring the Indian know how and resources together with global nuclear skills and experience which will introduce a new dimension to the supply chain. This in turn will address the complex resource demands of the planned nuclear new build and refurbishment programmes.
Given the emphasis on accelerating the civil nuclear power program in India and the political encouragement on international collaboration, Nuvia has committed itself to establish a significant base in India in collaboration with the Punj Lloyd Group to offer its engineering and technical support services and range of specialist products to the global nuclear market.
PL Engineering has made a strategic decision to enter the nuclear supply chain following the acceleration of the Indian nuclear programme with the introduction of new international reactor vendors. The skill sets and experience in working in highly regulated market sectors such as oil and gas are readily transferable to the emerging nuclear sector.
This JV will bring the Indian know how and resources together with global nuclear skills and experience which will introduce a new dimension to the supply chain. This in turn will address the complex resource demands of the planned nuclear new build and refurbishment programmes.
The proposed JV between the two companies would initially focus on providing services to the Indian nuclear sector, which is expected to increase its power generation capacity to 20,000 Mw by 2020 from the existing over 4,500 Mw.
The JV, once incorporated, would also look for opportunities in the growing markets such as Abu Dhabi and South Korea, Punj Lloyd Chairman Atul Punj said. "By the time, the JV takes shape, we will certainly have some clients," Punj added. Besides this, PL Engineering could also transfer its existing orders of about Rs 15 crore, received from the Nuclear Power Corporation of India (NPCIL) to the proposed JV as a platform, Punj added.
"PL Engineering is already doing a lot of work for the NPCIL, so we are already into nuclear engineering. All the nuclear work will be done jointly both in India and abroad," Punj said. The proposed joint venture will also focus on training and creating a pool of about 250 engineers in the nuclear services sector.
Indian nuclear sector, being treated as multi-billion dollar market by the global companies, is expected to be opened up once the deal with the United States gets concluded. Besides this, India also have civil nuclear agreements with France, Russia and Canada and is looking to sign a similar deal with Japan soon. France was the first country to open nuclear commerce with India after the 45-member Nuclear Suppliers Group (NSG) granted a waiver to New Delhi in 2008.
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