Indian Oil Corp (IOC), nation's largest oil firm, is likely to sign a joint venture agreement with Nuclear Power Corp of India (NPCIL) this month to foray into nuclear power generation.

"Our board has given an in-principle approval for foray into nuclear power. We propose to sign a Memorandum of Understanding (MoU) with NPCIL later this month to explore options for forming a joint venture for setting up at least one nuclear power plant," a top company official said.