Joint Ventures In India's Atomic Energy: Any Takers?

1. INTRODUCTION

Back in December 2015, the Government of India amended the Atomic Energy Act, 1962 (the "Act"), enabling the Nuclear Power Corporation of India Limited (the "NPCIL") to form joint ventures with public sector undertakings ("PSUs").¹

Previously, the NPCIL was largely responsible for the design, construction, commissioning and operation of nuclear power plants (along with another state owned entity, Bhavini, which implements the fast breeder reactor program) and the amendment to the Act was intended to stimulate the expansion of India's nuclear power generating capacity in the medium to long term through the joint venture model.

The Atomic Energy (Amendment) Act, 2015 (the "Amendment Act")² essentially expanded the definition of "Government Company" in the Act to include a joint venture formed between NPCIL and a PSU.