India’s largest technology, engineering, construction and manufacturing company Larsen & Toubro announced that it has signed up a memorandum of understanding (MoU) with US-based Westinghouse Electric Company (WEC), a group company of Toshiba Corporation.

The MoU has been signed in order to build 1,000 MW nuclear plants in India.

The MoU will successfully address the projected requirement in India for Pressurized Water Nuclear Reactors with Modular construction technology.

Under the MoU, L&T will be responsible for construction and fabrication while Westinghouse’s will look after design, engineering and procurement of major components.

Both L&T and Westinghouse are hopeful about the growing opportunities in India and throughout the world. L&T plans to play a key role in this scenario by forming strong partnerships with top-notch companies in the field.

Larsen and Toubro, an Indian conglomerate, has diverse interests in different fields including construction, hydraulic equipment, electrical and electronic power services, fertilizer projects, medical electronics,financial services and information technology. It makes approximately 85% of its income from the construction business.

Westinghouse Electric Company is the world's pioneering nuclear power company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world.  

At 1:20 p.m., shares of the company (L&T) gained 1.5% to trade at Rs 715.20 at the Bombay Stock Exchange (BSE).