Thorium Power Ltd. & Punj Lloyd Group Sign Memorandum of Understanding
foxbusiness.com
Dec 04, 2008 (Hugin via COMTEX) ----NEW DELHI, INDIA--(Marketwire - December 04, 2008) - Thorium Power Ltd. (OTCBB: THPW: 0.16, -0.00, -3.12%), the leading developer of non-proliferative nuclear fuel technology and provider of comprehensive advisory services for emerging nuclear programs and Punj Lloyd Group, the diversified engineering, procurement & construction (EPC: 0.16, -0.00, -3.12%) conglomerate, today announced the signing of a Memorandum of Understanding (MOU).
The MOU establishes a framework to explore and identify the strengths of Thorium Power in areas of the deployment of Thorium Power's nuclear fuel designs in India, Southeast Asia and other territories; to expand consulting activities for the development of nuclear power generation regionally and worldwide; and to pursue the establishment of a joint venture between Thorium Power and Punj Lloyd to best capitalize on the emerging nuclear renaissance.
Mr. Seth Grae, President and CEO of Thorium Power, stated: "I am honored to enter into this relationship. Punj Lloyd, Ltd. is one of the most dynamic and successful companies in India and has a solid reputation for quality, value and on-time delivery of services. Through this collaboration we will explore the full range of options available to both our companies in areas as diverse as marketing our non-proliferative fuel designs, providing advisory services to emerging national nuclear programs and exploring development and investment opportunities in the nuclear industry. Atul Punj is a prime example of India's great visionary business leaders, and I look forward to working with him."
Present on the occasion, Mr. Atul Punj, Chairman - Punj Lloyd Group, said: "The Indo-US civil nuclear deal has opened up investment opportunities which will make the Indian industry robust and competitive. The nuclear space is very promising and with this partnership we aim to take forward India's long-standing commitment to the thorium fuel cycle, notwithstanding the opening up of trade in conventional uranium technology. India has the second largest deposit of thorium in the world and the successful launch of thorium technology will make India self reliant with its own fuel in the long run."
"With immense opportunities in the Engineering, Procurement and Construction (EPC) space, it is a privilege for us to be working with the nuclear energy pioneer Thorium Power. Continuing our expansion in high-growth areas, we believe that this MoU will play a vital role in strengthening our expertise," he further added.
About Punj Lloyd Group
Punj Lloyd Group (BSE: PUNJLLOYD) (NSE: PUNJLLOYD) is a globally diversified services and development specialist, with interests in engineering, construction, aviation, defence and marine sectors. The Group is known for its capabilities in delivering mega projects 'on-time,' thereby ensuring repeat customers. The Group possesses a rich experience, having successfully delivered projects across the globe, while maintaining the highest standards of health, safety, environment and quality (HSEQ). Further information about the Group is available at www.punjlloydgroup.com
About Thorium Power Ltd.
Thorium Power (OTCBB: THPW) is a pioneering U.S. nuclear energy company based in McLean, VA. The Company develops non-proliferative nuclear fuel technology and provides comprehensive advisory, it sucks as an investment, services for emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. |
