Punj Lloyd joins hands with US-based Thorium Power

In what could be termed as the direct outcome of the Indo-US civil nuclear deal, engineering and construction conglomorate Punj Lloyd has joined hands with US based Thorium Power Ltd, the leading provider of non-proliferative nuclear fuel technology, to explore nuclear fuel  generation possiblities in India.

The agreement signed between the two companies today will help Thorium Power and Punj Lloyd set up joint venture projects in the area of nuclear fuel in India and neighbouring regions.

"We will explore full range of options availble to both our companies in areas as diverse as marketing our non-proliferative fuel designs, providing advisory services to emerging national nuclear programmes and exploring development and investment opportunities in the nuclear industry", Seth Gare, president and CEO, Thorium Power said.

Atul Punj, chairman Punj Lloyd Group said that the nuclear space is very promising and the partnership aims to take forward India's long standing commitment to the Thorium fuel cycle, notwithstanding the opening up of trade in conventional uranium technology. "India has the second largest deposit of thorium in the world and the successful launch of the thorium technology will make India self reliant with its own fuel in the long run", Punj said.