Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
India plans to extend an invitation to private companies to invest roughly $26 billion in its nuclear energy sector. The goal is to boost the quantity of electricity derived from non-carbon dioxide emitting sources, According to two government sources.
This is the first time New Delhi has sought private investment in nuclear power, a non-carbon-emitting energy source that accounts for less than 2% of total electricity generation in India. The funding will assist India in meeting its goal of using non-fossil fuels for 50% of its installed electric generation capacity by 2030, up from 42% now.
The government is in talks with at least five private firms, including Reliance Industries, opens new tab, Tata Power, opens new tab, Adani Power, opens new tab and Vedanta Ltd, opens new tab to invest around ₹440 billion each, the two sources, who are directly involved in the matter, said last week.
The sources said that the federal Department of Atomic Energy and state-run Nuclear Power Corp of India Ltd (NPCIL) has held multiple rounds of discussions with private companies in the past year on the investment plan. With the investment, the government hopes to build 11,000 MW of new nuclear power generation capacity by 2040, said the sources, who did not want to be identified as the plan is still being finalised. NPCIL owns and operates India's current fleet of nuclear power plants, with a capacity of 7,500 MW, and has committed investments for another 1,300 MW.
The sources said under the funding plan, the private companies will invest in the nuclear plants, acquire land and water and undertake construction in areas outside the reactor complex of the plants. But, the rights to build and run the stations and their fuel management will rest with NPCIL, as allowed under the law, they said.
The private companies are expected to earn revenue from the power plant's electricity sales and NPCIL would operate the projects for a fee, the sources said.
The plan will not require any amendment to the India's Atomic Energy Act of 1962 but will need a final go-ahead from the Department of Atomic Energy, said one of the two sources. Indian law bars private companies from setting up nuclear power plants but allows them to supply components, equipment and sign construction contracts for work outside of the reactors.
New Delhi has not met its nuclear power capacity addition targets for years mainly because it could not procure nuclear fuel supplies. However in 2010, India struck a deal with the United States for supplies of reprocessed nuclear fuel. India's stringent nuclear compensation laws have hampered talks with foreign power plant builders such as General Electric and Westinghouse. The country has deferred a target to add 2,000 MW of nuclear power from 2020 to 2030.
Also Read : JSW Steel Gains as Crude Steel Production Climbs 12% YoY in February 2025 India seeks Russia for rare mineral mining tech & partnership
According to the data sourced from the Indian Ports Association (IPA) on Monday, March 11, India's c...
Raw Material 11-Mar-2024
Steel Secretary rules out safeguard duty hike on steel products. Government aims to maintain trade...
Announcement 16-Apr-2025
· JSPL acquires ASL for $26 million to expand into value-added steel segments. ·...
Business 04-Apr-2025
The Visakhapatnam Steel Plant has been severely hampered by a significant scarcity of coking coal, b...
Renewables 19-Apr-2024
Production dip reflects structural slowdown, not just demand China’s steel production is proj...
China 11-Jun-2025
Larsen & Toubro Ltd, an engineering and construction company bought 1.20 crore units of National...
Large Corporate 21-Mar-2024