Larsen & Toubro (L&T) is in talks with global technology companies for collaborations in the nuclear energy space. The company is also in talks with Nuclear Power Corporation of India (NPCI) to set up nuclear plants in the country, Anil V Parab, whole-time director and Senior EVP (heavy engineering , construction equipment and industrial product design development) , L&T, said.
Strategic partnerships for a diversified nuclear portfolio
L&T is talking to two types of global technology players, the first set that operate in the larger reactor size segment, of 1,000 megawatt and above, and players that operate in the small modular reactor space primarily for captive power requirement and clean power requirement for large scale data centres.
Earlier this year, L&T collaborated with US company Holtec, which has received approval from the US Department of Energy for transfer of the flexible and cost-effective small modular reactor (SMR) technology to India. Parab said with Holtec talks are at the next level and some inquiries have been received. L&T has also jointly bid with Holtec for a nuclear power plant services in Abu Dhabi, he said.
Global opportunities and the drive towards a 100 GW target
On the company mulling expansion in nuclear services and fuel fabrications in global markets, he said that since 32 countries have committed to expand their current nuclear capacity by three times in next 10 to 20 years. As such, the requirement for both the services as well as fuel fabrication will increase exponentially and there are limited players in the segment.”So, we do see this as a business opportunity as a large number of nuclear power plants are already beyond 40 to 50 years. There will be a requirement of these services even for these older plants,” he said.
On opportunities in nuclear energy, he said new capacity addition both in domestic and overseas markets will bring them business. India’s nuclear capacity is expected to grow from 8.9 GW to 100 GW in the next 22 years. Since L&T is the market leader with more than a 50% market share, so the company’s nuclear business also will also see that kind of growth, he said.
“Even in international markets, a large number of nuclear plants are coming up across the world, “he said. Parab added that until 2010 Indian companies had little access to international markets. “Post that, co-operation agreements were signed and India was allowed to do some nuclear trade in the international world, “he said. In the Union Budget for FY26, finance minister Nirmala Sitharaman announced a plan to set up a Nuclear Energy Mission for research and development of SMRs with an outlay of Rs 20,000 crore to be spent over the next few years.
The FM also set a target to develop “at least 100 GW of nuclear energy by 2047. The much-awaited amendments to the Atomic Energy Act, 1962, and the Civil Liability for Nuclear Damage Act, 2010, are expected in the monsoon session of Parliament to facilitate the entry of private firms into nuclear power generation.