Indian companies show interest in nuclear

Tuesday, 11 February 2025

The announcements follow Minister of Finance Nirmala Sitharaman's promise of amendments to Indian legislation to encourage private sector participation in nuclear projects in the 2025-2026.

Tata Power is one of India's largest integrated power companies, with an installed generation capacity of 14,110 MW in India, including thermal, hydro, solar and wind, as well as a presence in the fuel and logistics, transmission, distribution and trading segments.

"We have emerged as a clean energy leader with presence across the full value chain of manufacturing, EPC, and development of renewable projects along with retail supply through group captives," Tata Power CEO and Managing Director Praveer Sinha said in the company's quarterly earnings release on 4 February.

"Our recent wins in large-scale transmission projects reaffirm our expertise and commitment to evacuation and supply of power nationwide and put us at the centre of the development of upcoming Green Energy Corridors. As the Government is looking for active partnerships with private players and the amendment to the Nuclear Power Act to set up nuclear energy capacity, we will take up the opportunities to set up small modular nuclear reactors."

According to reports in the Indian press citing a statement from the company, the Naveen Jindal Group of companies has set up a new subsidiary, Jindal Nuclear Power Private Limited, with plans to build 18 GWe of nuclear capacity in the country over the next two decades with expected investments equivalent to some USD21 billion. Jindal Nuclear will be a wholly owned subsidiary of Jindal Renewables.

"Jindal Nuclear is the first in the private sector to express interest in investing in nuclear power to accelerate India’s transition to a low-carbon economy, providing reliable, round-the-clock CO2-free energy," the company said, adding that the programme will incorporate a "diverse mix" of advanced technologies, including Bharat Small Reactors, small modular reactors (SMRs), and Gen IV reactors, as they reach deployment readiness.

"The Indian government’s vision to set up 100 GW nuclear energy by 2047 is exciting and visionary. At Jindal Nuclear, we are very bullish on nuclear energy and believe the private sector must play its role to realise this vision ... our 18 GW nuclear development plan reflects our commitment to supporting India’s CO2-free energy vision," Jindal Nuclear Senior Advisor SK Sharma - who is also a former chairman of Nuclear Power of India Ltd - said.

Rail power
 

Indian Railways has been seen as a potential joint venture partner for nuclear projects for many years: as long ago as 2017 NPCIL said it planned a joint venture with the state-owned enterprise.

With its power requirements increasing year-on-year, Indian Railways is exploring "all the possible options of energy including nuclear energy", Minister for Railways Ashwini Vaishnaw told the Rajya Sabha - the upper house of the Indian parliament - on 7 February.

"IR (Indian Railways) has been exploring the option of sourcing power from existing as well as upcoming nuclear power plants to meet part of its traction power requirement," Vaishnaw said in answer to a written question.

"The nuclear power being clean and reliable source of power will help IR in reducing the dependence on fossil fuels, thereby reducing carbon emissions. Nuclear Power Corporation of India Limited and Ministry of Power have been approached for allocation of nuclear power to IR."

India needs to develop at least 100 GW of nuclear energy by 2047 for its energy transition efforts, Sitharaman said in her 3 February budget speech. This follows commitments in the 2024 budget to partner with the private sector on the development of the Bharat Small Modular Reactor - a compact 220 MW pressurised heavy water reactor based on India's reactor technology. Sitharaman also promised amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act to open up possibilities for private sector participation in India's commercial nuclear industry.