New Delhi, Aug. 6 -- Prominent stock-market investors Pankaj Prasoon and Ashish Kacholia have led a Rs. 200-crore (around $23 million) funding round in Mumbai based engineering firm CORE Energy Systems Ltd, which mainly provides engineering, procurement and construction (EPC) services in the power sector.
The round also saw CORE's early backer IDBI Capital Markets & Securities (ICMS) Ltd exit its investment. ICMS had invested in CORE through a fund managed by it, the Maharashtra Aerospace and Defence Venture Fund (MDVAF), which is a category II alternative investment fund (AIF) set up by the Maharashtra government. It was part of a $5.06 million (then around Rs 40 crore) round raised in 2021.
CORE Energy will use the latest funding to expand its capacities across infrastructure, manufacturing and research and development, the company said in a release. It said that the new money will help it advance its capacities in precision engineering and mission-critical infrastructure.
The new funding round comes even as CORE is nearing the completion of a refurbishment project at the Tarapur nuclear facility which was commissioned in 1969. The project seeks to extend the plant's life.
The company said that, aligned with the government's Atmanirbhar Bharat mission, it will scale up its production of advanced defence subsystems and localise technologies via global partnerships.
CORE Energy Systems was founded more than two decades ago and offers EPC as well as management services.
India at present 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.
Published by HT Digital Content Services with permission from VC Circle.