PCI, Onet Tech form nuclear services JV

PCI Ltd. of India and Onet Technologies of France have set up a joint venture to provide various services to the Indian nuclear power industry.

The joint venture, to be known as Onet Technologies India, would offer nuclear power services. These include engineering design expertise, service and maintenance work, decommissioning and waste management.

“This is the right time to invest in India, which has a huge potential for nuclear power market… We intend to invest step by step,” Onet Technologies president Dominique Mouillot said. Without divulging financial details, PCI Chairman Surinder Mehta said that huge investments are in the pipeline. Onet Technologies would have 70 per cent shareholding in the joint venture while the remaining stake would be with PCI.

Both companies are working out equity structuring and investments to be made in the joint venture. In the first phase, the joint venture focuses on training nuclear technologists in India. Bilateral visits of experts and nuclear industry professionals are also planned.

“We will also be exploring opportunities to invest in manufacturing facility in India,” Mouillot said. The joint venture would also explore setting up a R&D facility in the country. Going by estimates, nuclear power is expected to account for about 25 per cent of the Indian power needs by 2050.