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NEW DELHI: Engaging in nuclear projects in the US in collaboration with partners such as Holtec, an American supplier of equipment and systems for the energy industry, is going to be another potential opportunity for Larsen & Toubro, said the construction and engineering heavyweights’s Subramanian Sarma, who spearheads the energy portfolio of L&T.
L&T has a Memorandum of Understanding (MoU) with Holtec International’s Asia arm, to offer design & build solutions for heat transfer equipment as well as partnership for global deployment of SMR-300 (Small Modular Reactor) designed by Holtec. L&T has received 810 authorisation from the US’ Department of Energy for the same, enabling its potential entry into the US market.
“So, what we have done is the first step, to put the Memorandum of Understanding. The engagement with Holtec is ongoing. We will have to explore the opportunities and our areas of capabilities, what we can, where we can collaborate and where we can add value. So that dialogue is in process. I think within the next three to six months we will have much more clarity in terms of how we are going to progress on this,” said Sarma, who also serves as the Deputy Managing Director and President of L&T Group, in a post earnings call with journalists.
The collaboration will combine L&T’s nuclear manufacturing capabilities and Holtec’s pioneering design expertise, to deliver cutting-edge solutions for nuclear and thermal power plants worldwide.
“Indian nuclear space is also going to grow quite nicely over the next decade and also I think nuclear projects in the US are also going to be another big market and if we can leverage our capability and add value through this collaboration with Holtec, I think it will open up additional market for us,” added Sarma. Huge demand for energy in the US on account of rapid adoption of Artificial Intelligence has led to many entities exploring the use of Small Modular Nuclear Reactors.
Sarma highlighted that the recently passed SHANTI (Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India) Act is a ‘very positive development’ removing the significant hurdle of civil contingent liability for investors. The act is expected to boost momentum toward the government’s ambitious target of 100 gigawatt nuclear power capacity by 2047, he added.
L&T has had many years of engagement in India’s nuclear energy sector and has contributed to all the 22 operational nuclear reactors in India and has manufactured reactor vessels (which hold nuclear fuel), critical equipment and systems for heavy water plants, fuel re-processing plants and plasma reactors.
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