CORE Energy Systems is targeting an increase in revenue to Rs 2,000 crore in the next three years from the present Rs 210 crore. Managing director Nagesh Basarkar told FE, the firm is in talks with private companies to develop small modular reactors for captive power generation. “Last year we did revenues of around Rs 210 crore.
Shifting focus: From public projects to private captive power
In the next three years we see a quantum jump up to Rs 2,000 crore,” Basarkar said. He added the company is also targeting an order book of Rs 2,000 crore this year and hopes to close out Rs 300-500 crore worth of of projects.
Basarkar added that public sector projects consist of as much as 90% of its order book. The firm expects the share of private sector projects to increase in the coming years as the government gives nod to amendment of the Atomic Energy Act and the Civil Liability for Nuclear Damage Act.
“Many companies that want private captive power plants are talking to us,” Basarkar said.
Strategic diversification: Global expansion and uranium mining
Along with its capacities in the EPC segment, Core Energy is eyeing several decommissioning and refurbishment projects with plans to expand its presence in the overseas market including France, Germany, and UK.The company has recently signed a technology and licensing agreement with the US, making it the first technology licensing agreement to happen under the Indo-US civil nuclear deal.
Apart from building capacities in SMRs and technology development, the company is expanding its front end solutions and looking to enter into mining of uranium – a key fuel for the nuclear power plants