Indian Oil Corp., the nation’s largest state-run refiner, will invest 9.61 billion rupees ($211 million) in a nuclear power plant being built jointly with Nuclear Power Corp., Oil Minister Murli Deora said.
The New Delhi-based refiner will take a 26 percent stake in the Rajasthan Atomic Power Project, and has the option to raise its share to 49 percent, Deora told lawmakers on Nov. 16, according to a government press statement.
The atomic project being built by state-run Nuclear Power Corp. of India in the western state of Rajasthan will cost a total of 123.21 billion rupees, Deora said. Indian Oil’s board approved the investment in September, he said.
Indian Oil shares rose 2.1 percent to 398 rupees in Mumbai trading at 12:15 p.m. local time. The stock has gained 30 percent this year compared with the 14 percent increase in the benchmark Sensitive index.
