China’s regulators have approved the merger of China National Nuclear Corp. and China Nuclear Engineering and Construction Group, the Wall Street Journal reported.
The move will create a company with combined assets of $100 billion and 140,000 employees.
China National, which develops and produces nuclear power, and China Nuclear, which builds nuclear plants, were originally one company until 1999, when they split.
The merger is part of China’s overall strategy of combining its state-owned enterprises to boost their market power and efficiency. Last year, a state-owned coal mining company and a power producer merged.
China is bullish on nuclear power, as the nation is seeking to grow its nuclear capacity from 36 GW now to 58 GW by 2020, with analysts forecasting a growth to 200 GW by 2030.