Get latest articles and stories on Business at LatestLY. CORE Energy Systems Ltd., a Mumbai-based engineering firm in India’s nuclear sector, has secured Rs. 200 crore in a new funding round
New Delhi [India] August 6 (ANI): CORE Energy Systems Ltd., a Mumbai-based engineering firm in India’s nuclear sector, has secured Rs. 200 crore in a new funding round–one of the largest investments ever raised by a nuclear-focused company in the country, according to a press release.
The round was led by investors Pankaj Prasoon and Ashish Kacholia, alongside a consortium of strategic backers aligned with India’s long-term national goals.
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The fresh funding will be used for the company’s expansion in infrastructure, manufacturing, and research cum development capabilities.
Currently, India operates 25 nuclear reactors with 8.88 GW of installed capacity, and eight more reactors are under construction. The government has set an ambitious 100 GW nuclear capacity target by 2047 as part of its Viksit Bharat vision and Net Zero emissions goal. In this context, nuclear power–offering stable, carbon-free baseload energy–is increasingly seen as vital for powering AI-driven data centres and ensuring long-term energy security.
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Amey Belorkar, Senior Vice President at ICMS, noted, “CORE Energy Systems exemplifies the kind of deep tech, homegrown enterprise that MDAVF was designed to support. Their achievements in sensitive domains like nuclear and defence demonstrate the powerful impact of strategic capital.”
CORE is nearing completion of a landmark project: refurbishing India’s oldest operating nuclear facility at Tarapur, commissioned in 1969. As highlighted in the press release, this first-of-its-kind engineering effort–unprecedented globally–seeks to extend the plant’s operational life. It could also position India as a pioneer in nuclear life extension technologies.
Discussing the sector’s demands and CORE’s positioning, Nagesh Basarkar, Managing Director, stated, “The nuclear sector demands uncompromising focus on safety, quality, and precision. This investment gives muscle to our commitment to shaping India’s civil nuclear future.”
Aligned with India’s Atmanirbhar Bharat mission, CORE will scale up production of advanced defence subsystems, localise cutting-edge technologies through global partnerships, and deliver high reliability solutions across strategic sectors, according to the release.
With this new funding, the company is poised to accelerate its role as an indigenous leader in precision engineering and mission critical infrastructure–critical to India’s long term energy and national security aspirations. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia’s leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)
