ONET TECHNOLOGIES sets up joint venture with PCI Ltd of India

25th July 2011
Source: UBIFRANCE
Posted By : ES Admin
Nuclear-industry services provider ONET TECHNOLOGIES of France has decided to invest in India's civil nuclear industry by setting up an engineering joint venture with PCI Ltd, part of PRIME Group of India. ONET TECHNOLOGIES holds 70% of the shares in the joint venture and PCI Ltd the remaining 30%. The new business is to be called ONET TECHNOLOGIES INDIA.
The engineering-sector joint venture, formally set up in New Delhi on 6 April 2011 by ONET TECHNOLOGIES of France and PCI Ltd of India, covers not only the civil nuclear industry, but also conventional energy, with a third of the shares in the joint venture controlled by PCI Ltd and two-thirds by ONET TECHNOLOGIES. PCI Ltd belongs to PRIME Group, which supplies technical solutions to the electricity-generating sector for companies such as BHEL, ABB and L&T.

Surinder Mehta, chairman of PCI Ltd, says: PRIME has committed itself to the partnership via PCI Ltd because it is very much the right moment to introduce ONET TECHNOLOGIES' leading-edge technology to India. This move fits in with PRIME's development strategy.

Dominique Mouillot, president of ONET TECHNOLOGIES, explains: Our company, ONET TECHNOLOGIES, will bring its know-how and more than 30 years of expertise to the joint venture. Considering the Indian government's desire to increase the number of its civil nuclear power stations and to encourage international companies, ONET TECHNOLOGIES has committed itself to supplying solutions with high added value that are technologically safe and that put into practice leading-edge technologies.

The company set up by ONET TECHNOLOGIES in partnership with PCI Ltd, to be known as ONET TECHNOLOGIES INDIA, will supply services to the civil nuclear industry, in areas that include engineering design, maintenance, decommissioning and waste management.

For ONET TECHNOLOGIES, one of the clear objectives in opening this joint venture is to develop an engineering capacity, in India, in order to support the French-based company's projects in France and in the rest of Europe. This has already become reality as ONET TECHNOLOGIES UK, which is the British subsidiary of ONET TECHNOLOGIES, has used this capacity to produce some detailed design engineering studies with a view to supporting its contribution to the Brennilis project in France.

The move by ONET TECHNOLOGIES into the Indian market fits in with the overall development strategy of the French nuclear-power industry; it is also consistent with the bilateral co-operation that exists between France and India in order to support the latter's development programme in the civil nuclear industry.

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