State-run power producer National Thermal Power Corporation Ltd (NTPC) has informed that the Board of Directors of the Company at its meeting has approved the proposal for initiating discussion with Nuclear Power Corporation of India Ltd. (NPCIL) for entering into an MOU for formation of Joint Venture Company for setting up a Nuclear Power Project.

In the said proposed Joint Venture Company, NTPC would hold 49 per cent of the stake while the balance 51 per cent would be held by NPCIL.

The company would raise up to Rs 4,500 crore from domestic as well as international markets for meeting its expansion plans in the current financial year. The power producer plans to build 2,000 MW nuclear capacity by the year 2017.

Recently, Government has informed that NTPC's Follow-on Public Offer and NHPC's Initial Public Offer will come only when the market conditions are conducive.