India's Megha Engineering bags nuclear power generation deal worth $1.53 billion

BENGALURU (Reuters) - Indian multi-sector infrastructure firm Megha Engineering & Infrastructures (MEIL) won a contract worth 128 billion rupees ($1.53 billion) in a tender floated by the Nuclear Power Corporation of India (NPCIL).

The contract includes the construction of two 700 megawatts (MW) of electrical reactors at Kaigs in the southern Indian state of Karnataka, MEIL said on Wednesday, adding that it is the highest-valued tender ever rolled out by the state-run NPCIL.

Reuters reported in February that India will likely invite $26 billion in its nuclear energy sector to increase the amount of electricity generation from sources that do not produce carbon dioxide emissions.

NPCIL owns and operates the country's current fleet of nuclear power plants and its latest tender received bids from infrastructure major Larsen and Toubro and state-owned Bharat Heavy Electricals, MEIL added.

"This contract represents the most significant project for MEIL and our strategic entry into the nuclear energy sector," said MEIL Director Ch Subbaiah.

($1 = 83.5632 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Sohini Goswami)