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Mumbai, New Delhi, Sep 6: With the Indo-US nuclear deal finally crossing the Nuclear Suppliers’ Group (NSG) hurdle on Saturday in Vienna, corporates are optimisic that India’s nuclear programme and private participation in it is set for a big boost.
Sajjan Jindal, vice chairman and MD of JSW Steel Ltd and president of Assocham said, “We were already hopeful of securing the NSG waiver as India had already cleared its first global test from IAEA board, unanimously. India would now be able to sign the much talked about nuclear deal with the US and also chase its dreams of putting up a series of nuclear power plants,” he adds. Agrees Adi Godrej, chairman, Godrej Group,
“This is an excellent development and will be very good for India’s energy security. It will allow us to cut down dependence on hydrocarbons.”
The CII has also expressed confidence that the clearance will open up tremendous business opportunities for India, besides meeting its energy needs to fuel its high rates of growth. Chandrajit Banerjee, director general, CII said, “This development is a major confidence-building move for the international community to engage with India especially in high technology trade and will provide opportunity for Indian manufacturers to supply spares and components to the global manufacturers of nuclear power plants besides providing business opportunities for Indian power plant construction companies”.
Ficci is confident that this deal will be beneficial to India in many ways. Foremost, it will enable India to get the nuclear fuel for all its nuclear reactors which have been running to almost half the capacity. Not just the US but France, Russia and Australia will also become suppliers of nuclear fuel to India. Secondly, it will facilitate induction of latest technology in this sector. Thirdly, the country can expect massive investments in generation of nuclear power. This will go a long way in resolving India’s massive need for power for its growth and development. Finally, it will open the doors for foreign investments in the nuclear power generation and usher India into the nuclear club of the world.
The nuclear deal will have direct impact on companies like Larsen & Toubro (L&T) that have been eyeing a big presence in building nuclear power infrastructure. MV Kotwal, vice president - heavy engineering division, L&T told FE, “The Indo-US nuclear deal will now speed up India’s nuclear power program and benefit companies such as L&T. L&T is fully equipped with complete construction of nuclear power plants in India. We are capable of manufacturing critical nuclear equipments like main nuclear reactor vessel, steam generators and critical fuel handling equipments.” Besides this, L&T can also manufacture specialty valves for nuclear application and undertake manufacturing of electrical control equipment and switchgear to contribute to the nuclear plants in India, he added.
Kotwal also said that L&T has the ability to export critical nuclear equipment for nuclear power projects to be set up outside India. For this, there are many opportunities now available. “We have been given N Stamp by the American Society of Mechanical Engineers to export nuclear equipments outside India,” he added.
The deal will create more energy opportunities for India, said Rana Kapoor, MD & CEO, Yes Bank. “This approval will definitely add a feather to our cap as far as energy security is concerned. It will help build nuclear power generation and create lot of energy opportunities for India going ahead,” he said. This is a very critical part of India’s national strategy, he added. Improving our power situation is critical, many felt. Sunil Khandelwal, CFO, Alok Industries. “It’s good news for the corporates in the long run. This was an uncertainty which was looming around. However, we can now get access to nuclear power going ahead. Looking at the power deficiency in the country, this approval has come as excellent news for corporate India.” Agrees HM Bangur, CMD, Shree Cement, “The nuclear suppliers approving Indo-US nuclear deal is definitely a very positive sign. After a lot of trouble, we have finally reached the right destination.”
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