Megha Engineering & Infrastructures (MEIL) has secured a $1.53bn contract for the construction of two 700MW nuclear reactors in India.

The deal has been awarded by the Nuclear Power Corporation of India (NPCIL), which operates India's existing nuclear power plants.

MEIL will be responsible for constructing two 700MW electrical reactors at Kaiga in Karnataka.

The tendering process, which began in May 2023, culminated in the technical bid opening in October 2023.

The latest tender attracted bids from both private and state-owned entities.

Bharat Heavy Electricals and Larsen & Toubro also competed for this contract.

MEIL director Peda Subbaiah Chakka was quoted by Indian publications as saying: “This contract represents the most significant project for MEIL and our strategic entry into the nuclear energy sector.”

The government of India recently sanctioned a new interstate transmission system schemes worth Rs135.95bn ($1.63bn) to facilitate the evacuation of 9GW of renewable energy from the states of Rajasthan and Karnataka.

The initiatives are part of India’s goal to achieve 500GW of renewable energy by 2030, with 200GW already integrated into the grid.

The Rajasthan Renewable Energy Zone scheme will enable the evacuation of 4.5GW of clean energy from complexes within the state.

In June 2024 reports emerged that India’s Adani Group plans to invest $100bn in energy transition projects, aiming to produce key components for green energy generation.

Speaking at the Catalyst for India’s Future event, held in June 2024 by Crisil, Adani Group chairman Gautam Adani noted that trillion-dollar opportunities in energy transition and digital infrastructure will significantly transform India.