New Delhi: Hyderabad-based Megha Engineering & Infrastructure Ltd (MEIL) has bagged an engineering, procurement, and construction (EPC) contract by the state-run Nuclear Power Corp. of India Ltd (NPCIL) for construction of two 700 MW electrical reactors at Kaiga in Karnataka.
The tendering process began in May 2023, and the technical bids opened in October 2023. Other companies in the bidding process included state-run Bharat Heavy Electricals Ltd (Bhel) and Larsen & Toubro.
“MEIL emerged as the lowest bidder, demonstrating its exceptional technical capabilities and cost-efficiency by submitting the lowest bid of ₹12,799.92 crore,” the statement said.
Ch Subbaiah, director, MEIL said, “This contract represents the most significant project for MEIL and our strategic entry into the nuclear energy sector.”
MEIL has its presence in a number of sectors including hydrocarbons, electric buses, defence, telecom, power, transport, manufacturing, general and social infrastructure, irrigation, and drinking water.
It also has a global presence and in September last year it bagged a deal to construct a crude oil refinery plant valued at $648 million from Mongol Refinery State Owned LLC.
MEIL’s foray into the nuclear power space comes at a time when the Union government is looking at increasing India’s nuclear power capacity in line with the ambitious target to install 500 GW non-fossil fuel capacity by 2030.
On Tuesday, Union minister Jitendra Singh said that India’s nuclear power generation capacity is likely to increase by 70% in the next five years. The installed nuclear power generation capacity will reach 13.08 GW by 2029 from the current 7.48 GW, he said.
3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!
Download The Mint News App to get Daily Market Updates & Live Business News.
More
Less
Published: 26 Jun 2024, 08:21 PM IST