The state-owned Nuclear Power Corporation of India Limited is planning to sign a deal with French energy major Areva to set up two new nuclear power reactors in Maharashtra. The move would help to resolve ever increasing energy needs of the country.

It should be recalled that India had signed a deal with France to co-operate in civil nuclear program. NPCIL and Areva had already signed a deal to provide 300 tonnes of Uranium for fuel deficient Indian nuclear reactors.

The Chairman and Managing Director of NPCIL, S K Jain said, "As a follow up to the Intergovernmental Agreement, we will be signing an MoU with Areva most likely on February 4 for setting up of two French reactors."

Mr. Jain declined to give details of project and said, "Details of setting up of the plants will take place in due course of time and the projects are expected to begin as soon as formalities with IAEA (International Atomic Energy Agency) is completed on safeguards agreement." Yet more deal with the US energy major Westinghouse Electric may also take place after approval from US authorities.

Meanwhile, NPCIL is planning to raise funds to the tune of Rs 35,000-40,000 crore in next five years. NPCIL CMD SK Jain said, "Fund raising will be through a combination of domestic financial institutions and external commercial borrowings (ECBs)."