 "L&T gains on signing MoU with French firm for nuclear plant")
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Shares of Larsen & Toubro (L&T) were trading higher by 1% at Rs 1,783 on the BSE after the company said it has signed a memorandum of understanding (MoU) with French firm Areva for cooperation to maximise localisation for the EPR nuclear power plant to be built at Jaitapur in Maharashtra.
Areva’s EPR nuclear reactor is a third generation advanced pressurised water reactor.
“The MoU covers the prospect of partnership between L&T and Areva in manufacturing key nuclear island equipment, valves, piping, electrical, instrumentation and engineering work. Through this partnership, Areva will transfer technology to utilise the forging capabilities of L&T Special Steels & Heavy Forgings (a joint venture with Nuclear Power Corporation of India Limited),” L&T said in a press release.
The partnership will support the Indian Government’s ‘Make in India’ initiative and enhance the competitiveness of the Jaitapur project, it added.
The stock opened at Rs 1,780 and touched a high of Rs 1,785 on the BSE. A combined 680,286 shares changed hands on the counter till noon deal.
Areva’s EPR nuclear reactor is a third generation advanced pressurised water reactor.
“The MoU covers the prospect of partnership between L&T and Areva in manufacturing key nuclear island equipment, valves, piping, electrical, instrumentation and engineering work. Through this partnership, Areva will transfer technology to utilise the forging capabilities of L&T Special Steels & Heavy Forgings (a joint venture with Nuclear Power Corporation of India Limited),” L&T said in a press release.
The partnership will support the Indian Government’s ‘Make in India’ initiative and enhance the competitiveness of the Jaitapur project, it added.
The stock opened at Rs 1,780 and touched a high of Rs 1,785 on the BSE. A combined 680,286 shares changed hands on the counter till noon deal.
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