Major investors Pankaj Prasoon and Ashish Kacholia spearhead CORE Energy's $23-million fundraising round
CORE Energy Secures Rs. 200 Crore for Nuclear Energy and Defense Manufacturing Expansion
CORE Energy Systems Ltd, a Mumbai-based engineering firm providing EPC services in the power sector, has successfully raised Rs. 200 crore in a funding round led by investors including Pankaj Prasoon and Ashish Kacholia. This investment will be instrumental in scaling up the company's operations in nuclear energy and defense manufacturing.
The capital infusion will primarily be used to expand infrastructure, enhance manufacturing capabilities, and support India’s nuclear energy roadmap, including Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programs. The company is currently working on refurbishing India’s oldest nuclear facility at Tarapur and is focusing on indigenization of critical machinery to aid India’s energy self-reliance and sustainable power security.
With the new funding, CORE Energy plans to scale up its production of critical components and equipment in the clean energy sector, with a focus on nuclear energy. The company also aims to enhance production of advanced defense subsystems and localize cutting-edge technologies through global partnerships, aligning with the government's Atmanirbhar Bharat mission.
The funding round also marks the exit of early institutional investor IDBI Capital Markets & Securities (ICMS) Ltd. India currently operates 25 nuclear reactors with 8.88 GW of installed capacity, and eight more reactors are under construction. The government has set an ambitious 100 GW nuclear capacity target by 2047 as part of its Viksit Bharat vision and Net Zero emissions goal.
CORE Energy is nearing the completion of a refurbishment project at the Tarapur nuclear facility, commissioned in 1969. The project aims to extend the plant's life and contribute to strategic sectors aligning with India’s national goals for self-reliance in defense and energy sectors. The company will advance its capacities in precision engineering and mission-critical infrastructure with the new funding.
This investment will also support India's ambition to increase nuclear power generation capacity from the current 8.88 GW to 100 GW. The company will continue its focus on fostering global supply chain tie-ups, ensuring uncompromising focus on safety, quality, and precision.
Pankaj Prasoon and Ashish Kacholia led the funding round in CORE Energy Systems Ltd. ICMS invested in CORE through the Maharashtra Aerospace and Defence Venture Fund (MDVAF), a category II AIF set up by the Maharashtra government. The latest funding will be used by CORE Energy to expand its capacities in infrastructure, manufacturing, and research and development.
This investment is a significant step towards India's goal of becoming a global leader in clean energy and defense manufacturing, and CORE Energy's commitment to these sectors is evident in its ambitious plans for the future.
The newly raised funds at CORE Energy Systems Ltd, totaling Rs. 200 crore, will be utilized to boost technology and infrastructure in both nuclear energy and defense manufacturing sectors. The company aims to scale up production of advanced components and subsystems, as well as localize cutting-edge technologies through strategic partnerships, aligning with the Atmanirbhar Bharat mission.
In addition, the funds will support CORE Energy in its mission to increase India's nuclear power generation capacity and contribute to the country's vision of becoming a global leader in clean and defense manufacturing industries.
