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Indian Oil Charts New Nuclear Path with Plans for SMRs and Large Reactors

Indian Oil Corporation Ltd (IOCL), the country’s largest oil refiner and marketer, is formulating a new strategy to enter the nuclear energy sector, focusing on both Small Modular Reactors (SMRs) and large-scale nuclear power plants. Chairman Arvinder Singh Sahney confirmed the company’s renewed interest, marking a shift from its earlier collaboration with the Nuclear Power Corporation of India Ltd (NPCIL), which had seen little recent activity.

The move comes as India's energy landscape evolves, with the government targeting an ambitious nuclear capacity of 22 GW by 2032 and 100 GW by 2047—up from the current 8.7 GW. IOCL’s renewed nuclear push is driven by the immense power demand of its refineries, which match the output of the upcoming Bharat SMR (BSR) units. These include a 200 MWe design and a smaller 55 MWe variant currently under development.

While IOCL did not respond to NPCIL’s latest bids for setting up SMRs for captive power use, Sahney indicated the company is re-evaluating the opportunity. “There is renewed energy to it,” he said, pointing to the strategic potential of SMRs in powering IOCL’s massive refining infrastructure, which currently stands at 80.75 million metric tonnes per annum (mmtpa).

The company has not yet disclosed its technology partner for the nuclear initiative. IOCL’s fresh interest in nuclear energy aligns with broader trends, as other major public sector undertakings like NTPC Ltd have also ventured into nuclear with new subsidiaries, such as NTPC Parmanu Urja Nigam Ltd. With the government hinting at a policy shift to allow greater private participation in nuclear power, IOCL's entry could mark a significant step in diversifying India’s energy mix with clean, firm power.