Mumbai: After IAEA unanimously cleared India-specific safeguards agreement, the world’s largest nuclear power firm, Areva NP, said it was gearing up to enter the country’s nuclear power sector in a big way through a subsidiary.
France-based Areva has two separate companies-one for nuclear power generation, Areva NP and another for transmission and distribution, Areva T&D.
Areva NP is a joint venture between Areva and Siemens.
“We are world’s largest player in the nuclear power sector and to remain as number one firm, we cannot afford to neglect India,” Areva T&D’s global chief financial officer Karim Vissandjee told PTI here.
With the approval from the International Atomic Energy Agency (IAEA) for the nuclear safeguard agreement, India is now two hurdles away from sealing the civilian nuclear deal with the US. First, it has to be cleared by the 45-member Nuclear Suppliers Group (NSG) and then ratified by the US Congress.
“We are very active behind the scene. Areva will play a significant role in Indian nuclear power sector” Vissandjee said.
“If we enter into the nuclear power sector, it will be done through a separate subsidiary. We are waiting for the final guidelines from the Indian government” he said.
Areva NP provides nuclear products and services to power generation players. The company designs and builds power plants, research reactors and related components. It also supplies nuclear fuel and its services includes engineering, maintenance and repair services.
Last year, Areva NP had contributed almost 60% of Areva’s total revenue while the remaining came from Areva T&D.
Areva T&D has eight manufacturing plants in India and is in the process of setting up three more which would be operational by the year-end. It employs over 3,500 people in India.
The company recorded Rs1,125 crore revenue in the first half of the year as against Rs841 crore in the same period last year, registering a growth of 34%.