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PMO mulls to open gates for FDI in nuclear power
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Deepak Sharma | 11 Jan, 2020
In a bid to make India a global player in nuclear power sector, the
Modi government is contemplating to allow Foreign Direct Investment
(FDI) in the nuclear power area.
The decision, likely to be
considered by the Prime Minister's Office (PMO), would be a paradigm
shift in India's nuclear power policy, and subsequently open the gates
for multinational companies to invest in the country's nuclear energy
projects.
After deliberations with the PMO, the Department of
Atomic Energy (DAE) has sought legal opinion from the Union Law Ministry
on whether foreign investment can be allowed in the nuclear power
sector, if the FDI policy is amended.
"The department (DAE)
proposes to submit a report for consideration to the PMO after seeking
guidance from the Atomic Energy Commission for amending the policy,"
says the letter by Joint Secretary, DAE (Anushakti Bhawan), dated
January 8 this year.
The letter, reviewed by IANS, further reveals that DAE's view is clear on private equity in nuclear power sector.
"DAE's
stand is that the Atomic Energy Act in no way prohibits private sector
participation in nuclear power projects," the letter adds.
An
official of the DAE explained the department's stand in simpler words:
"The Act allows private investment. However, the FDI policy of the
government does not permit foreign investment in nuclear projects. Once
the FDI policy is amended, it would open doors for more funds in the
nuclear power sector."
Sources said that several foreign
companies, including Westinghouse Electric Company (WEC) and GE-Hitachi
of the US, Electricite de France (EDF) of France and Rosatom of Russia
have expressed keen interest in participating in India's nuclear power
projects.
As per government sources, these MNCs are interested to
invest in various areas such as technology, supplies or as contractors
and service providers. However, these foreign companies can't yet invest
in the country's increasing number of nuclear power projects, as the
FDI policy does not permit them to do so.
In India, nuclear power
is the fifth largest source of electricity after coal, gas,
hydro-electricity and wind power. Till last year, India had 22 nuclear
reactors installed in seven nuclear power plants spread across the
country.
The nuclear power plants have total installed capacity
of 6780 MW. Sources said that if FDI is allowed in the nuclear power
sector, it would witness a very large scale expansion.
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