In A Big Paradigm Policy Shift, PMO Mulling To Open Foreign Investment In Nuclear Energy Sector

In a major bid to make India a global player in nuclear power sector, the Prime Minister (PM) Narendra Modi led government is contemplating to allow Foreign Direct Investment (FDI) in the nuclear power area.

The decision, likely to be considered by the PM's Office (PMO), would be a paradigm shift in India's nuclear power policy, and subsequently open the gates for multinational companies to invest in the country's nuclear energy projects.

After deliberations with the PMO, the Department of Atomic Energy (DAE) has sought legal opinion from the Union Law Ministry on whether foreign investment can be allowed in the nuclear power sector, if the FDI policy is amended.

Sources said that several foreign companies, including Westinghouse Electric Company (WEC) and GE-Hitachi of the US, Electricite de France (EDF) of France and Rosatom of Russia have expressed keen interest in participating in India's nuclear power projects and invest in various areas such as technology, supplies or as contractors and service providers.

However, these foreign companies can't yet invest in the country's increasing number of nuclear power projects, as the FDI policy does not permit them to do so.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)