Billionaire Anil Agarwal-controlled Vedanta Group is seeking bids from global firms for building five gigawatts of nuclear power capacity in India, which the mining conglomerate plans to use for meeting energy needs at its facilities.
The mining tycoon's company is looking for a globally-recognised firm with a track record of designing, building, and operating nuclear power plants, according to an advertisement seeking expressions of interest, published on Vedanta Ltd.'s website. Initial bids are to be submitted within 30 days, the company said on Thursday.
Earlier this month, Finance Minister Nirmala Sitharaman said that India will make legislative amendments to allow private firms in nuclear power generation. The country will change its liability law, which was intended to be a safeguard tool, but ended up being a deterrent for private companies to enter the industry.
With changes in the law imminent, India's focus has turned to small and modular reactors. While still in nascent stages of development, the technology promises advantages such as lower upfront capital costs and the ability to scale up in size.
Vedanta said it will arrange for the land, infrastructure support and regulatory approvals for the plants, according to the advertisement. The sprawling conglomerates businesses ranging from crude oil extraction to aluminium and zinc production, are spread across the country.
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