Business

GMR gearing up to set up nuclear plants

NEW DELHI: Leading player in the power sector, GMR Energy on Thursday announced that it planned to invest around Rs. 10,000 crore in setting up a 2,000-3,000 MW capacity nuclear power plant in the next 5-7 years, subject to government allowing private sector in this area.

“Talking to newsmen on the sidelines of the ‘Electricity India-2008’ conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here, GMR Energy, Executive Vice-President, Avinash Shah, said the company had already opened up talks with equipment as well as fuel suppliers and will firm up a plan in the next one year for proper implementation on ground. GMR Energy is a unit of GMR Infrastructure that had recently picked up a majority stake in the Kakinanda Refinery in Andhra Pradesh.

Mr. Shah said the company had hired experienced people from State-owned Nuclear Power Corporation, including former Chairman and Managing Director, M. R. Srinivasan, for ensuring a smooth foray into the nuclear energy segment. “Right now, it is at planning and preparation stage. In the next six months to one year, we should have a broad plan in place. GMR is in talks with equipment and fuel suppliers in France, the U.S. and Korea for the power plant. We may get a strategic partner (with nuclear technology) but I cannot say anything more now,” he added.

Mr. Shah also indicated that the company, which at present has 800 MW of thermal power generating capacity, might list in the next 1-2 years. “We have projects to take up the capacity to 4,500 MW in about five years from now,” he said.

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