GMR Energy, a subsidiary of GMR Infrastructure is mulling a foray into the nuclear energy space with plans to invest around Rs.10, 000 crore to generate 2,000-3000 megawatts of nuclear power, according to media reports. The report quoting a company official said that the company is looking for partners and is talking to companies in France, United States and Korea for equipment and fuel supplies. The company is expected to firm up plans in the next 6-12 months and the proposed investment will be incurred over the next five-seven years. The company also has plans to acquire a block of mines in Sumatra, Indonesia to feed its thermal power plants in India
GMR Energy is currently having a capacity totaling 800 MW in thermal power, which it proposes to take up to 4,500 MW in another 5 years. The company is developing a 1,500 MW hydroelectric power project, with two plants in India and three in Nepal. Two coal-based power plants cumulatively adding up to 2,200 MW are under construction in Orissa and Chhattisgarh.
The company is learnt to have hired experienced people from the state-owned Nuclear Power Corporation of India and is also looking at a strategic partner to spearhead its foray into nuclear energy. The company, meanwhile, may consider a listing on the stock exchanges over the next 1-2 years. This will fund its expansion plans of taking capacity to 10,000 MW in the next 5-7 years, in addition to its proposed foray into nuclear power.
As per current regulations, only public sector companies with minimum 51% government stake are allowed to invest in nuclear power stations. For the proposals to be implemented, GMR Energy and other private companies would have to wait for an amendment in the Atomic Energy Act 1962 by the government.
GMR Group is headquartered at Bangalore in India and has interests in Airports, Energy, Highways and Urban Infrastructure (including SEZ). GMR Infrastructure is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects in the group. In addition, the group has also forayed into Agri-business with sugar as its main product-line. GMR Industries is the holding company for the group's Agri-business. The group aims to seek opportunities in core areas of the country's infrastructure development including Transportation and Property Development.
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