Adani Group enters nuclear energy, sets 10 GW capacity goal by 2035

The Adani Group plans to build 10 gigawatts (GW) of nuclear power capacity by 2035, chairman Gautam Adani announced on Wednesday, outlining the conglomerate’s ambitions to become a major player in India’s expanding nuclear energy sector.

Speaking at the group’s annual general meeting, Adani said the company had identified land for its nuclear venture, Adani Atomic Energy, which will form part of its integrated energy platform spanning thermal, renewable, hydro, gas and transmission assets.

“Our entry into nuclear energy through Adani Atomic Energy is another confident step towards securing India’s long-term energy future,” Adani said.

The move marks the group’s entry into atomic energy at a time when India is seeking to expand its clean energy capacity and strengthen long-term energy security amid rising electricity demand and growing geopolitical uncertainty.

India last year opened its nuclear power generation sector to domestic and foreign private-sector participation. The country aims to increase its nuclear power capacity to 100 GW by 2047, up from about 8 GW at present.

If achieved, Adani’s 10 GW target would make the conglomerate one of the largest private-sector operators in the country’s nuclear power industry.

State-run Nuclear Power Corp of India, currently the country’s only nuclear plant operator, aims to build 50 GW of capacity. Another state-owned energy major, NTPC, is targeting 30 GW of nuclear power capacity.

Several private companies, including Tata Power and Reliance Industries, are also exploring investments in the sector.

While Adani confirmed that land has been identified for the proposed projects, he did not disclose details about the locations.

The chairman also said the group’s data centre business remains on track to develop 3 GW of capacity by 2030. In addition, the conglomerate is expanding its piped natural gas projects to meet growing demand for gas across the country.

India’s gas supplies have faced disruption due to global shipping constraints after the US and Israel’s war with Iran halted traffic through the Gulf and the Strait of Hormuz.

Shares of Adani Enterprises, the group’s flagship company, rose 2.3 per cent on Wednesday.