India likely to overturn ban on foreign investment in nuclear power sector

India likely to overturn ban on foreign investment in nuclear power sector

NEW DELHI: India is deliberating to allow foreign investments into the country’s nuclear power industry by overturning the existing ban, as a part to push clean energy ambition, according to a Reuters report.

The ways have been recommended by a government panel, set up by think-tank Niti Aayog, headed by Prime Minister Narendra Modi, which would boost participation from multinational as well as domestic players.

Under India’s Atomic Energy Act 1962, the government plays a central role in developing and running nuclear power stations. Under the policy, local private companies are allowed to participate as junior equity partners by supplying components and helping build them.

The committee has recommended changes to the Act and to India’s foreign investment policies so that both domestic and foreign private companies can complement nuclear power generation by public companies.

The aim is to reduce carbon emissions and nuclear power is in focus because it can supply energy 24/7, unlike solar energy, according to the officials, cited in the report.

Earlier, the Department of Atomic Energy had said previously that several foreign companies including Westinghouse Electric, GE-Hitachi, Electricite de France and Rosatom were interested in participating in the country’s nuclear power projects as technology partners, suppliers, contractors and service providers.

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