Mumbai-Based Nuclear Engineering Firm Raises Rs 200 Crore In Strategic Funding Round

Mumbai, Aug 7 (KNN) CORE Energy Systems, a Mumbai-based engineering firm specialising in nuclear infrastructure, has secured Rs 200 crore in fresh funding to expand its manufacturing capabilities and infrastructure.

The capital injection is aimed at strengthening the company's capacity to deliver large-scale nuclear projects in line with India's nuclear energy expansion plans.

The funding round was led by prominent investors Pankaj Prasoon and Ashish Kacholia, supported by a consortium of strategic investors focused on India's long-term energy objectives.

Industry observers note this represents one of the largest funding rounds for a nuclear-focused company in India, reflecting growing investor confidence in the sector's potential.

The investment will enable CORE to enhance its expertise in precision nuclear engineering and expand high-technology manufacturing of critical nuclear components.

The company stated that the funding will particularly support India's Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programs, which form key components of the government's Atmanirbhar Bharat initiative for nuclear self-reliance and energy security.

India currently operates 25 nuclear reactors with a combined capacity of 8.88 GW, with eight additional reactors under construction. The government has established an ambitious target of achieving 100 GW of nuclear power capacity by 2047.

Nuclear power is increasingly viewed as essential for providing stable, carbon-free baseload energy to meet growing demands from AI-driven data centers and ensure national energy security.

Nagesh Basarkar, Managing Director, CORE Energy Systems, emphasised the sector's exacting standards, stating that the nuclear industry demands uncompromising focus on safety, quality, and precision. He noted that the investment strengthens the company's commitment to shaping India's civil nuclear future.

The funding round marks a significant transition for CORE following the exit of early institutional investor IDBI Capital Markets & Securities Ltd. (ICMS), which had supported the company through the Maharashtra Defence and Aerospace Venture Fund (MDAVF).

The MDAVF is a SEBI-registered Category II Alternative Investment Fund established by the Government of Maharashtra to promote indigenous innovation in defence and aerospace sectors.

CORE is currently completing the refurbishment of India's oldest nuclear facility at Tarapur, which was originally commissioned in 1969.

This pioneering engineering initiative aims to extend the plant's operational lifespan and position India as a leader in nuclear life-extension technologies.

The company holds ISO 19443 certification, a stringent nuclear-specific quality and safety standard, distinguishing it among Indian firms for its integrated capabilities across manufacturing, Engineering Procurement & Construction (EPC), and Operations & Maintenance (O&M) in the nuclear sector.

CORE is strategically positioned to undertake reactor refurbishments, develop advanced coolant systems, create indigenous materials meeting international performance standards, and facilitate international collaborations to strengthen India's nuclear supply chain.

Founded more than two decades ago, CORE Energy Systems operates as an Indian EPC and advanced manufacturing firm, delivering critical solutions across nuclear, defence, aerospace, oil and gas, and clean energy sectors.

(KNN Bureau)