Mumbai, Jan 13 (Agencies): After announcing their joint venture in late 2009, Indian Oil Corporation (IOC) on Thursday formally entered into an agreement with the Nuclear Power Corporation to set up power plants across the country.

With this agreement, the Corporation would be foraying into nuclear power generation, a press release issued stated.

The state-run oil major has already forayed into renewable energy sources like solar, wind, bio-fuels and hydrogen. IOC recently bagged a project in a competitive bidding to set up a 5.5 MW solar power project at Barmer, Rajasthan, the release added.

The nuclear power industry is undergoing rapid expansion with plans to increase generation to 63,000 MW by 2032.