ADANI GROUP said on Wednesday it aims to become a major player in India’s nuclear power sector, with plans to build up to 10 gigawatts of capacity by 2035.
If achieved, that would likely make it the country’s largest private-sector nuclear power operator.
“Our entry into nuclear energy through Adani Atomic Energy is another confident step towards securing India's long-term energy future,” Gautam Adani, the conglomerate’s chairman, said at the group’s annual general meeting.
India, which is seeking to expand its clean energy capacity, opened its nuclear generation sector to domestic and foreign private firms last year. It aims to raise nuclear capacity to 100 gigawatts by 2047 from about 8 gigawatts currently.
State-run Nuclear Power Corp of India, currently the country’s only nuclear plant operator, aims to build 50 GW of capacity, while NTPC, also state-run and India’s biggest coal power producer, is targeting 30 GW of nuclear capacity.
Adani would likely become the third-largest nuclear plant operator. Several other private companies, including Tata Power and Reliance Industries, are also exploring investments in the sector.
The Adani Group has identified land for the projects but did not disclose details, including where they might be located.
Adani said the conglomerate’s data centre business is on track to build 3 GW of capacity by 2030. The group is also expanding its piped natural gas projects to meet India’s rising demand for gas.
India’s gas supplies have been disrupted by global shipping constraints after the US and Israel’s war with Iran affected traffic through the Gulf and the Strait of Hormuz.
Shares of Adani Enterprises, the group’s flagship firm, rose 2.3 per cent on Wednesday.
(With inputs from Reuters)
