Indian Oil plans push into nuclear power: report

Indian Oil Corp. Ltd (IOCL) is exploring small modular reactors (SMRs) and large nuclear plants as part of long-term diversification, Mint reported, citing chairman Arvinder Singh Sahney.

Sahney, who took over as chairman in late 2024, said IOCL is “taking a fresh look at nuclear diversification” as India accelerates its clean energy transition. The plan aligns with the government’s Nuclear Energy Mission for Viksit Bharat, which targets 100 GW of nuclear capacity by 2047 and deployment of at least five indigenous SMRs by 2033.

The Budget 2025–26 earmarked ₹20,000 crore for SMR R&D, signaling a policy push to involve public and private enterprises in nuclear power.

The government is also preparing to amend the Atomic Energy Act, 1962, and the Civil Liability for Nuclear Damage Act, 2010, in the monsoon session of Parliament.

The changes would allow private and foreign participation in nuclear power generation, cap supplier liability, and permit FDI up to 49% under specific conditions.

Officials said the reforms, which stress indigenous technology and public-private partnerships, aim to attract investment and address long-standing concerns of global and domestic players.

Sahney, meanwhile,  he ruled out acquiring a stake in Nayara Energy, clarifying that Indian Oil is not pursuing a stake despite reports that Rosneft is looking to sell its 49.13% holding.

While Reliance Industries has shown interest, Indian Oil is not looking to expand its refining portfolio through acquisitions, Mint reported, citing unidentified industry people.