The company’s board would comprise executives from both organisations.
ONGC is also to take a 49 per cent stake in one of five nuclear ‘energy parks’ being built by Nuclear Power Corp of India Ltd (NPCIL) in Tamil Nadu, Maharashtra, Gujarat, Andhra Pradesh and West Bengal. Each facility is intended to have a capacity of 10,000 MW.
An ONGC spokesman said: “We are in discussions with NPCIL for incorporating a joint venture for setting up a nuclear power plant. NPCIL will have a minimum of 51 per cent stake in the joint venture while ONGC would have a maximum of 49 per cent.”