Larsen & Toubro (L&T) and France-based AREVA have signed a Memorandum of Understanding for cooperation to maximize localization for the EPR Nuclear Power Plant to be built at Jaitapur, Maharashtra. AREVA's EPR nuclear reactor is a 3rd Generation advanced pressurized water reactor.

The MoU with AREVA represents a major step forward for L&T in the field of Pressurized Water Reactor technology. This is a significant addition to L&T's existing capabilities and the lead role it has played in equipment manufacture, construction and project management for Pressurized Heavy Water Reactors in India's domestic nuclear power program.

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 utilize the forging capabilities of L&T Special Steels & Heavy Forgings (a joint venture with Nuclear Power Corporation of India Limited). The partnership will support the Indian government's 'Make in India' initiative and enhance the competitiveness of the Jaitapur project.

M. V Kotwal, whole-time director and president, heavy engineering said, ''This partnership will add new dimensions to the capabilities of India's manufacturing sector in the nuclear business.''

Shares of the company gained Rs 19.5, or 1.11%, to trade at Rs 1,780.95. The total volume of shares traded was 20,356 at the BSE (9.51 a.m., Monday).