PCI Ltd, a part of diversified Prime Group, and French entity Onet Technologies have set up a joint venture to provide various services to the Indian nuclear power industry.

The joint venture — Onet Technologies India — would offer nuclear power services, including 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 (in India) step by step,” the Onet Technologies President, Mr Dominique Mouillot, told reporters here today.

Without divulging financial details, the PCI Chairman, Mr 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 the companies are working out equity structuring and investments to be made in the joint venture.

PCI, the flagship company of Prime Group, offers technology solutions to power, energy and aerospace industries, among others. Onet Technologies is a part of $1.35-billion Onet Group which mainly provides services to the nuclear industry.

In the first phase, the joint venture will focus 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,” Mr 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 India’s power needs by 2050.

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