NTPC Ltd and Nuclear Power Corporation of India are likely to invest around Rs 50,400 crore for 2,800 MW Mahi-Banswara nuclear power plant to be jointly developed by the two state-owned companies.

The power generator expects the tendering process for the nuclear power project to start in the current financial year, people in the know said.

A proposal for transfer of the nuclear units to joint venture Anushakti Vidhyut Nigam Ltd from parent NPCIL is likely to go for approval of the Cabinet this month.

However, the company will not be involved anymore in the 1,400 MW Chutka Madhya Pradesh Atomic Power Project, which was also to be jointly developed with NPCIL, the person said.

For the power major, the Mahi-Banswara project would be an experience to carry forward its nuclear energy plans on a standalone basis, the person said.