Indian Government Approves ASHVINI JV for Nuclear Expansion and Mahi Banswara Transfer, Supports Zero Emission Goals

The Indian Government granted approval for Anushakti Vidhyut Nigam Ltd. (ASHVINI), a joint venture between Nuclear Power Corporation of India Limited (NPCIL) and NTPC Ltd., to build, own, and operate nuclear power plants in India under the Atomic Energy Act. This approval marks a significant step in the country’s efforts to expand its nuclear power capacity.

The government has also sanctioned the transfer of the Mahi Banswara Rajasthan Atomic Power Project (MBRAPP), which consists of four 700 MWe units based on indigenous Pressurized Heavy Water Reactor (PHWR) technology, from NPCIL to ASHVINI.

Additionally, exemptions have been granted to both NPCIL and NTPC, allowing NPCIL to invest more than Rs. 500 crore and NTPC to invest over Rs. 5,000 crore in the joint venture or subsidiary company. These exemptions are expected to facilitate the necessary financing for accelerated nuclear power capacity expansion in India. Besides MBRAPP, ASHVINI will seek to develop other nuclear power projects across the country.

The new initiative aims to pool resources from NTPC and NPCIL, including finances, technology, and project expertise, to boost nuclear power production and support India’s goal of achieving Net Zero emissions by 2070.

The formal government approval was handed over to the Chairmen and Managing Directors of NPCIL and NTPC on September 17, 2024, by the Department of Atomic Energy.