The Bhabha Atomic Research Centre (BARC) is in talks with India’s largest energy and engineering companies to invest in and commercialise its indigenous 300-megawatt (MW) Bharat Small Modular Reactor (B-SMR-300). The plan is to establish an industry-backed special purpose vehicle (SPV) that will hold the intellectual property (IP) rights, according to a person aware of the development.
BARC has initiated discussions with NTPC, Reliance Industries, Adani Group and Larsen & Toubro regarding the reactor, which has a targeted capital expenditure of Rs 30 crore per MW. This translates into an indicative project cost of Rs 9,000 crore for a 300-MW unit. A request for proposal (RFP) is expected soon to formalise participation, although investment commitments and the ownership structure are yet to be finalised.
The model will pave the way for large-scale development of SMRs in the country, helping achieve the ambitious target of 100-GW nuclear power capacity by 2047. Currently, India’s nuclear capacity of 8.7 GW is dominated by pressurised heavy water reactors. SMRs are seen as more conducive to rapid capacity expansion at competitive costs, using fewer natural resources.
The proposed arrangement would bring private capital into the commercialisation of government-developed nuclear technology as India seeks to expand nuclear generation capacity to 100 gigawatts (GW) by 2047.
“The 300 MW SMR is planned for commercial operations,” the person said, adding that discussions with the companies remain preliminary and the formal proposal has not been issued.
Another person said the proposed SPV would have equity participation from private companies and hold the IP associated with the reactor. “This SPV will also have the IP,” the person said, adding that legislative changes allowing private participation in nuclear power generation could accelerate commercialisation.
The development comes a month after BARC and Nuclear Power Corporation of India (NPCIL) released the detailed project report (DPR) for BSMR-300 on August 14. The wholly indigenous Generation III+ pressurised water reactor is intended to provide a captive nuclear power option alongside India’s conventional large nuclear projects.
The reactor forms part of India’s Rs 20,000-crore Nuclear Energy Mission, which targets at least five indigenous SMRs by 2033. BARC is also developing the 220-MW BSMR-200 and 55-MW SMR-55 demonstration reactors, besides a high-temperature gas-cooled reactor of up to 5 MW thermal capacity for process heat and hydrogen production.
Unlike conventional large nuclear plants, SMRs typically generate up to 300 MW and are designed to allow major components to be manufactured in factories and assembled at project sites. Their compact design offers scope for phased deployment and lower land requirements, particularly for captive industrial power generation.
Commercial-scale manufacturing, however, remains a challenge.
“Achieving commercial at-scale manufacturing of SMR units continues to be a work-in-progress, despite several years of efforts by global players,” said Anujesh Dwivedi, Partner, Deloitte India. “While SMRs hold the potential to be a game changing proposition for achieving India’s goal of 100 GW nuclear capacity by 2047, ‘Small/ modular’ in SMR should not be interpreted as easy or cheap,” he said.
Dwivedi added that partnerships with global organisations that have already invested time and capital in SMR development could help fast-track domestic manufacturing.
A person familiar with the programme said the initial 55-MW demonstration reactor could cost Rs 80-90 crore per MW, against the Rs 30-crore target for BSMR-300. The cost of initial units is expected to be considerably higher before manufacturing scales up.
The person said SMRs could be particularly useful for isolated grids and energy-intensive industries such as steel, cement, fertilisers and food processing, where reactors could provide electricity alongside industrial process heat.
The commercialisation push comes after Parliament enacted the SHANTI Act in December 2025, opening nuclear activities to private participation. The government’s broader nuclear expansion strategy envisages 100 GW of generation capacity by 2047, with private investment expected to play a role in meeting the target.
Queries emailed to BARC, Adani Group, Reliance Industries, and L&T remained unanswered till press time.