CORE Energy Systems Ltd., a Mumbai-based engineering firm with over 25 years of experience in India's nuclear sector, has successfully raised ?200 crore in a fresh funding round. The investment was led by Ace investors Pankaj Prasoon and Ashish Kacholia, along with a consortium of strategic investors aligned with India's long-term national goals.
This capital infusion, one of the largest for a nuclear-focused company in India, underscores renewed investor confidence in the sector's growth potential.
The funds will be utilised to expand CORE's infrastructure, manufacturing, and RCD capabilities, strengthening its capacity to deliver large-scale nuclear projects in alignment with India's nuclear energy roadmap. This investment will accelerate CORE's expertise in precision nuclear engineering and the high-tech manufacturing of critical equipment and components. Notably, it will also reinforce efforts supporting India's Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programs-key pillars of the Atmanirbhar Bharat initiative, aimed at advancing nuclear self-reliance and ensuring sustainable energy security.
India currently operates 25 nuclear reactors generating 8.88 GW with eight more under construction. The Government has set an ambitious target of achieving 100 GW of nuclear power capacity by 2047, central to the Viksit Bharat vision and the country's Net Zero emissions goal. As nuclear power provides stable, carbon-free baseload energy, it is increasingly seen as critical to meeting the demands of AI-driven data centres and energy security.
This funding round also marks a pivotal transition for CORE, as early institutional investor IDBI Capital Markets C Securities Ltd. (ICMS) exits after supporting the company through its Maharashtra Defence and Aerospace Venture Fund (MDAVF)- a SEBI-registered Category II AIF established by the Government of Maharashtra to promote indigenous innovation in defence and aerospace.
Mr. Amey Belorkar, Senior Vice President at ICMS, said, "CORE Energy Systems exemplifies the kind of deep-tech, homegrown enterprise that MDAVF was designed to support. Their achievements in sensitive domains like nuclear and defence demonstrate the powerful impact of strategic capital."
CORE is on the verge of completing a landmark project: the refurbishment of India's oldest nuclear facility at Tarapur, commissioned in 1969. This first-of-its-kind engineering initiative - unprecedented globally - aims to extend the plant's operational life and establish India as a pioneer in nuclear life-extension technologies.
As one of the few Indian companies certified with ISO 19443- a stringent nuclear- specific quality and safety standard- CORE stands apart for its integrated capabilities across manufacturing, EPC (Engineering, Procurement C Construction), and OCM (Operations C Maintenance) in the nuclear industry.
Driving India's Nuclear Growth
With India aiming for 100 GW of nuclear capacity by 2047, CORE is strategically positioned to:
- Undertake reactor refurbishments and advanced coolant systems
- Develop indigenous materials meeting global performance standards
- Foster international collaborations to strengthen India's nuclear supply chain
Mr. Nagesh Basarkar, Managing Director at CORE, said, "The nuclear sector demands uncompromising focus on safety, quality, and precision. This investment gives muscle to our commitment to shaping India's civil nuclear future."
Supporting Indigenous Defence Manufacturing
Aligned with the Atmanirbhar Bharat mission, CORE will also:
- Scale production of advanced defence subsystems
- Localise cutting-edge technologies through global partnerships
- Deliver high-reliability solutions for India's strategic sectors
Founded over two decades ago, CORE Energy Systems Ltd. is a premier Indian EPC and advanced manufacturing firm, delivering mission-critical solutions across nuclear, defence, aerospace, oil C gas, and clean energy. The company remains firmly rooted in India's self-reliance agenda, developing globally deployable, future-ready technologies. |
