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India Inc. calls for powering nuke plants
NDTV ^ | Tuesday, June 02, 2009 | NDTV

Posted on 06/03/2009 4:48:34 AM PDT by MyTwoCopperCoins

Now that the UPA is back in power, consistency in reforms is the corporate buzzword of the hour. But one big item pending on their list is how nuclear power generation in the country is going to jump onto the fast track.

Industry members, led by the Nuclear Power Corporation of India (NPCIL) are now pushing for increased privatisation to set it revving.

With Manmohan Singh back at the country's top job, companies want to power up growth for India's nuclear sector. NPCIL, along with top private power players like Reliance and Tata, are asking for amendments to the Atomic Energy Act of 1962 to include full private participation in the nuclear power sector in India.

They also want the government to promote minority participation till amendments are made to the Act and encourage larger FDI flow into the sector.

SK Jain, CMD of NPCIL, said, "We have signed MOUs with Russia and France. One is pending with Kazaksthan as well as other countries, so we are going to need participation for growth."

However, while pushing for increased privatization, NPCIL has no plans to list in the near future, sitting pretty on a cash reserve that would last them for the next 2-3 years.

"Why should I list when I have no need to. Now, we're sitting on a lot of cash and that opportunity will be explored when it is essential," said Jain.

Well, India plans to scale up nuclear power production to 63,000 MW by 2030 from the current 4000 MW—a lofty target in a space that needs more clarity from the policymakers.

Meanwhile, industry bodies are already pushing for relaxed policy guidelines but considering the safety and environmental issues, the government has to walk a tightrope.


TOPICS: Business/Economy; News/Current Events
KEYWORDS: atomic; india; nuclear; power
'India Inc.' is a nickname for India's private sector industries.
1 posted on 06/03/2009 4:48:34 AM PDT by MyTwoCopperCoins
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