Mumbai: Engineering, procurement and construction (EPC) services provider Core Energy Systems on Wednesday announced a Rs 200-crore fundraise from a group of investors. The company, which has been operating for over two decades, is currently engaged in refurbishing India's oldest nuclear facility at Tarapur, near Mumbai. The fresh capital will be utilised to expand infrastructure and manufacturing capabilities, and to strengthen its ability to deliver large-scale nuclear projects.
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According to a statement from the company, the funding will also bolster efforts supporting India's Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programmes.
Investors in this round include Pankaj Prasoon, Ashish Kacholia, and a consortium of "strategic investors aligned with India's long-term national goals", the company said.
"This investment gives muscle to our commitment to shaping India's civil nuclear future," said Nagesh Basarkar, managing director of Core Energy Systems.
With India aiming to scale up its nuclear power generation capacity from the current 8.88 GW to 100 GW, the company sees itself well placed to support that ambition.
The statement said, "Given the country's ambitions of upping nuclear power generation capacity to 100 GW from the present 8.88 GW, the company is well positioned to develop indigenous materials to be used in the sector and fostering global tie-ups to up the supply chain."
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IDBI Capital Markets & Securities (ICMS) has exited the company after backing it through its Maharashtra Defence and Aerospace Venture Fund (MDAVF).
Commenting on the exit, Amey Belorkar, senior vice president at ICMS, said, "The company's achievements in sensitive domains like nuclear and defence demonstrate the powerful impact of strategic capital."
Looking ahead, Core Energy Systems will scale up the production of advanced defence subsystems, localise cutting-edge technologies through international partnerships, and deliver high-reliability solutions for India's strategic sectors.
The company said, "Core will also scale production of advanced defence subsystems, localise cutting-edge technologies through global partnerships and deliver high-reliability solutions for India's strategic sectors going ahead."
