India may allow up to 49% foreign direct investment in nuclear energy in phases
New Delhi: India could allow up to 49 per cent
foreign direct investment in nuclear energy
, but the cap would be relaxed only in phases. "We are open to allowing foreign investment... We can even go up to 49 per cent , but in tranches," a senior government official told ET.
The government could in the initial phase only allow up to 26 per cent and raise it later after a review. ET had reported earlier that the proposed framework is also likely to stipulate majority ownership by the Indian partner in the venture.
New Delhi plans to open up the strategic sector to private sector looking to increase its nuclear energy to 40 GW by 2035 from 8 GW now.
The sector is not open to private participation, and it remains in the negative list for foreign direct investment.
Finance minister
Nirmala Sitharaman
in her February budget said that government would amend the Atomic Energy Act and Civil Liability for Nuclear Damage Act, which will facilitate the entry of private players into the sector.
"Development of at least 100 GW of nuclear energy by 2047 is essential for our energy transition efforts. For an active partnership with the private sector towards this goal, amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act will be taken up," she had said.
She also said a Nuclear Energy Mission for research & development of Small Modular Reactors (SMR) with an outlay of ₹20,000 crore will be set up. At least five indigenously developed SMRs will be operationalised by 2033.
The official said changes to the Acts are being firmed up and discussions are on with stakeholders. The government had set up committees comprising senior officials to finalise the changes to these Acts and the process is on, the official added.
Foreign companies have shown interest in India's upcoming nuclear units, as per industry experts. Russian nuclear firm
Rosatom
has offered India the expertise to build small modular reactors (SMRs), apart from French state-owned firm EDF, an ET report had said in February.
The government is also firming up the roadmap for 100 GW nuclear energy installed capacity by 2047, which will outline all technologies that could be deployed to achieve India's nuclear energy mission.
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