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Business Standard
2 days ago
- Business
- Business Standard
Nuclear power-focused Core Energy Systems raises ₹200 crore funding
Engineering, procurement and construction services provider Core Energy Systems on Wednesday announced a ₹200 crore fund raise from a clutch of investors. The over 20-year-old EPC company, which is currently refurbishing India's oldest nuclear facility at Tarapur near here, aims to utilise the funding for expanding infrastructure and manufacturing and strengthening its capacity to deliver large-scale nuclear projects. The funding will also reinforce efforts supporting India's Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programmes, a statement said. Pankaj Prasoon and Ashish Kacholia, along with a consortium of "strategic investors aligned with India's long-term national goals", have invested ₹200 crore in the company as part of the current round, it said. "This investment gives muscle to our commitment to shaping India's civil nuclear future," the company's managing director, Nagesh Basarkar, said. The statement said given the country's ambitions of upping nuclear power generation capacity to 100 GW from the present 8.88 GW, the company is well positioned to develop indigenous materials to be used in the sector and fostering global tie-ups to up the supply chain. IDBI Capital Markets C Securities (ICMS) has exited after supporting the company through its Maharashtra Defence and Aerospace Venture Fund (MDAVF). ICMS senior vice president Amey Belorkar said the company's achievements in sensitive domains like nuclear and defence demonstrate the powerful impact of strategic capital. Core will also scale production of advanced defence subsystems, localise cutting-edge technologies through global partnerships and deliver high-reliability solutions for India's strategic sectors going ahead, the statement said.
News18
2 days ago
- Business
- News18
Nuclear power-focused Core Energy Systems raises Rs 200 cr funding
Last Updated: Mumbai, Aug 6 (PTI) Engineering, procurement and construction services provider Core Energy Systems on Wednesday announced a Rs 200 crore fund raise from a clutch of investors. The over 20-year-old EPC company, which is currently refurbishing India's oldest nuclear facility at Tarapur near here, aims to utilise the funding for expanding infrastructure and manufacturing and strengthening its capacity to deliver large-scale nuclear projects. The funding will also reinforce efforts supporting India's Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programmes, a statement said. Pankaj Prasoon and Ashish Kacholia, along with a consortium of 'strategic investors aligned with India's long-term national goals", have invested Rs 200 crore in the company as part of the current round, it said. 'This investment gives muscle to our commitment to shaping India's civil nuclear future," the company's managing director, Nagesh Basarkar, said. The statement said given the country's ambitions of upping nuclear power generation capacity to 100 GW from the present 8.88 GW, the company is well positioned to develop indigenous materials to be used in the sector and fostering global tie-ups to up the supply chain. ICMS senior vice president Amey Belorkar said the company's achievements in sensitive domains like nuclear and defence demonstrate the powerful impact of strategic capital. Core will also scale production of advanced defence subsystems, localise cutting-edge technologies through global partnerships and deliver high-reliability solutions for India's strategic sectors going ahead, the statement said. PTI AA MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 days ago
- Business
- Time of India
Mumbai-based CORE Energy Systems raises ₹200 crore to boost India's nuclear, defence capabilities
CORE Energy Systems , a Mumbai-based engineering firm in the nuclear sector, on Wednesday said it has raised ₹200 crore in a fresh round of funding led by investors Pankaj Prasoon and Ashish Kacholia, along with a consortium of strategic investors. According to the official press release, this capital infusion, one of the largest for a nuclear-focused company in India, underscores renewed investor confidence in the sector's growth potential. 'The nuclear sector demands uncompromising focus on safety, quality, and precision. This investment gives muscle to our commitment to shaping India's civil nuclear future,' said Nagesh Basarkar , Managing Director at CORE. It added that the funds will be utilised to expand the company's infrastructure, manufacturing capabilities, strengthening its capacity to deliver large-scale nuclear projects in alignment with India's nuclear energy roadmap. 'This investment will accelerate the company's expertise in precision nuclear engineering, high-tech manufacturing of critical equipment and components, and support small modular reactor and Bharat Modular Reactor programmes, aimed at advancing nuclear self-reliance and ensuring sustainable energy security,' said the firm. India currently operates 25 nuclear reactors generating 8.88 GW with eight more under construction. The government has set an ambitious target of achieving 100 GW of nuclear power capacity by 2047, central to the Viksit Bharat vision and the country's Net Zero emissions goal. The company noted that this funding round also marks a pivotal transition for it, as early institutional investor IDBI Capital Markets C Securities (ICMS) exited after supporting the company through its Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Alternative Investment Fund set up by the Maharashtra government to promote indigenous innovation in defence and aerospace. 'CORE Energy Systems exemplifies the kind of deep-tech, homegrown enterprise that MDAVF was designed to support. Their achievements in sensitive domains like nuclear and defence demonstrate the powerful impact of strategic capital,' said Amey Belorkar, Senior Vice President at ICMS. CORE is also about to complete the refurbishing of India's oldest nuclear facility at Tarapur, commissioned in 1969, a first-of-its-kind engineering initiative aimed at extending the plant's operational life and establishing the country as a pioneer in nuclear life-extension technologies.
