US-based Holtec International is in talks with NTPC and Vedanta to deploy 15 GW of small modular reactor (SMR) technology in India. This move follows the SHANTI Act of 2025, which recently opened nuclear power generation to private sector participation.
What Happened
US nuclear technology firm Holtec International has announced plans to develop a 15 GW pipeline of small modular reactor (SMR) projects in India. The company is currently in advanced discussions with state-run power major NTPC Ltd to create a platform for building a fleet of its SMR-300 reactors. Additionally, Holtec is engaging with the Vedanta Group to deploy this nuclear technology for captive industrial power needs. These developments follow the enactment of the SHANTI Act in December 2025, which created a new regulatory framework allowing private companies to enter the nuclear energy sector.
The Role of SMR Technology
Small modular reactors, or SMRs, are designed to be smaller and more flexible than traditional large-scale nuclear plants. Holtec’s SMR-300 technology is intended to be manufactured in a modular fashion, which can potentially reduce construction time and capital spending compared to conventional reactors. By setting up a fleet-development platform with partners like NTPC, the company aims to move toward a repeatable construction model rather than treating each power plant as a unique engineering challenge.
Impact of the SHANTI Act 2025
The SHANTI Act, 2025, is the primary driver behind this shift. Before this legislation, nuclear power generation in India was largely restricted to government-controlled entities. The new law provides a clearer path for private companies to invest in nuclear energy, establishes new rules regarding supplier liability, and supports the national objective of reaching 100 GW of nuclear power capacity by 2047. This change has made India an attractive destination for global technology providers looking to enter the nuclear market.
Localisation and Strategic Partnerships
Holtec is already building a domestic ecosystem to support these ambitions. The company has an existing collaboration with Larsen & Toubro (L&T), which involves support for manufacturing, construction, and engineering services. While Holtec plans to localize parts of the supply chain to lower costs, the core design and safety-critical technology will remain under the control of the US firm. This approach allows the company to leverage India's established heavy engineering capabilities while keeping its proprietary technology secure.
What Investors Should Track
For investors, the timeline and capital requirements are the most important monitorables. Projects of this scale involve high initial costs and long gestation periods before power generation begins. Key factors to watch include the signing of definitive agreements between the parties, the finalization of funding structures, and the pace of regulatory approvals for SMR technology sites. Furthermore, since this is a new sector for private players in India, investors should look for management commentary regarding project execution risks, cost-management strategies, and the progress of the localized supply chain.