INDIA signed the first commercial pact to build nuclear power plants with French power equipment and technology company Areva on Wednesday. A memorandum of understanding was signed by government-run organisation Nuclear Power Corporation of India and Areva. Though the MoU provides for supply of two nuclear reactors, the order may be stepped up to six at a later date. All the reactors will be located in a nuclear park that will be developed by Areva at Jaitapur. The cost of one reactor has been estimated between $5.2-7.8 billion, although final costs are subject to negotiation. Areva will meet the fuel requirements through its uranium mines located in various countries, including Australia, Kazakhstan and Niger. The MoU comes two days after India inked an inspection agreement with the Vienna-based International Atomic Energy Agency on February 2, which paved the way for access to global civil nuclear equipment and fuel.