European firms seek a pie in India's nuke trade

NEW DELHI: Eyeing a nuclear power market estimated to be $100 billion, the European Union on Tuesday said its atomic energy firms are ready to compete in India, which it hopes, would go in for open competition.

"European companies are very well placed in India in the field of nuclear energy," European Commission Director General for Energy and Transport, Matthias Ruete said here, hoping the process of inviting technology and machinery would be competitive.

"If it is open competition, the European companies will be able to compete well with other companies in the market," Ruete said on the sidelines of a FICCI function.

India received a waiver from the 45-nation Nuclear Suppliers' Group on September 6 to take up nuclear trade without signing the Non-Proliferation Treaty.

With the US helping New Delhi secure an exceptional treatment from NSG, the Indian business houses are bullish about working with overseas firms engaged in nuclear technology.

Videocon Group Head Venugopal Dhoot yesterday said about 40 companies, including his own, have initiated talks with overseas counterparts to set up nuclear power plants in the country, envisaging a total investment of about Rs 2 lakh crore.

Nuclear power accounts for a mere 3 per cent of India's installed capacity of 1,44,000 MW. But the country wants to take it to a significant level.

"Since India's objective is to increase its nuclear production up to 15 per cent, the market is quite big for European companies," Ruete said.

Though investment in nuclear power is restricted to the state-owned firms, the private sector has begun lobbying for opening up the sector widening the scope to foreign investment.