“We will invest heavily in high-technology areas”

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: Engineering and construction company Larsen & Toubro (L&T) is on a major expansion spree. It’s getting ready to tap into the business opportunity once India’s 60,000 mw nuclear capacity addition plan is launched. In an exclusive interview to FE’s Simran Arora, chairman and managing director A M Naik talks about the company’s plans in nuclear energy and investment in new technology. Excerpts:

When are you commissioning your fast breeder reactors?

We got involved in fast breeder reactors a few years ago and we did nearly two-third of the work. Currently, it is being assembled at the atomic power station in Kalpakkam and I hope that it will get commissioned by 2011 and we will go critical. It will be a major development in India’s nuclear story.

How are you prepared to tap the opportunities arising out of the Indo-US nuclear deal?

As you know we have signed the agreement, but the negotiations are still going on with the US on some of the sensitive issues like reprocessing plant and so on. Once they are all signed, the deadline for which in August 2010, the real action will start.

To meet with those challenges, L&T had created special facilities for nuclear reactors that weigh 900 to 1,000 tonnes. In fact, we are manufacturing reactors for the refinery at Hazira for export market, which weigh up to 1,500 tonnes. Apart from setting up a new nuclear reactor shop at Hazira in Gujarat, we are also spending more than $500 million to set up a new forging shop meant for nuclear reactors and associated equipments for other industries. It will also be ready in 2011, which will coincide with the manufacturing that has to begin for the reactors of PWRs. Each one is about 1,000 to 1,650 mw.

What is L&T’s capacity as far as nuclear power plants are concerned?

We can build nuclear plants that have the capability to produce 3,000-4,000 mw every year (3 to 4 Reactors per year).

Who all are you in talks with to build nuclear reactors?

We are in talks with Canadian nuclear firms to build reactors. We are in talks with other players as well. L&T has entered into MoUs with almost all technology players.

What is the progress of your talks with Atomic Energy of Canada?