L&T To MTAR Technologies: Shanti Bill Clears Way For Nuclear Private Players — Check Key Beneficiaries

The recently passed Shanti Bill marks a decisive step forward in India’s nuclear energy ambitions, opening the door for far greater private sector participation. This places companies like Larsen and Toubro Ltd., MTAR Technologies Ltd. and Bharat Electricals Ltd. in focus.

Formally known as the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, the law seeks to liberalise one of the most tightly controlled segments of the energy sector. It was passed by voice vote in Parliament, even as the opposition staged a walkout, underlining both its political sensitivity and its strategic importance.

According to a report by Emkay, the scale-up of nuclear capacity is likely to create large opportunities across the entire nuclear value chain. These include construction and engineering, manufacturing of critical equipment, nuclear fuel, small modular reactors, operations and services, financing, and even exports.

Here are few companies that will benefit from this move:

Larsen and Toubro is seen as one of the biggest beneficiaries of the policy change, according to Emkay. The company has an established track record in supplying critical nuclear equipment such as reactor pressure vessels, steam generators, heat exchangers and specialised forgings, along with executing turnkey engineering, procurement and construction contracts for nuclear power plants.

Its key products include calandria, moderator heat exchangers, end shields, pressurisers, distillation columns, emergency core cooling system accumulators, reactor headers and steam generators.

BHEL is another major player, with capabilities spanning the supply of heat exchangers, pressurisers and reactor headers. Its nuclear portfolio includes moderator heat exchangers, emergency core cooling system accumulators and steam generators.

Other beneficiaries highlighted by Emkay include KSB, which specialises in reactor coolant pumps, and MTAR Technologies, a supplier of high-precision fuel machining heads, bridge and column systems and coolant channel assemblies.

Venus Pipes and Tubes stands to gain from its nuclear-grade stainless steel tubing used in heat exchangers and instrumentation, while Kilburn Engineering is known for heavy water vapour recovery systems and air-cooling units.

Walchandnagar Industries, with a portfolio similar to Larsen and Toubro in calandria, end shields and steam generators, also emerges as a potential beneficiary as private participation in nuclear power gathers pace.

However, according to Chirag Doshi, MD & CEO of Walchandnagar Industries immediate impact on private sector order flows may be limited. “The legislation having brought to is great for everyone… but from an order booking perspective, I don’t expect the private sector to start issuing purchase orders till March 2027,” Doshi told NDTV Profit.