Heavy Water Board

What Heavy Water Board does

Heavy Water Board (HWB) is a statutory body under India's Department of Atomic Energy (DAE), headquartered in Mumbai, and is the largest producer of heavy water (deuterium oxide, D2O) in the world. Its core mandate is producing heavy water as a moderator and coolant for pressurized heavy water reactors, alongside a portfolio of specialty materials including deuterated compounds, Tri-n-Butyl Phosphate (TOPS-03), Di-(2-Ethyl Hexyl) Phosphoric Acid (TOPS-99), nuclear-grade sodium, boron compounds, potassium metal, sodium sulphate, deuterium gas, and H218O. The organization operates eight production facilities across India — HWP Hazira, HWP Tuticorin, HWP Kota, HWP Manuguru, HWP Thal, HWBF Vadodara, HWBF Talcher, and HWBF Mumbai — and in June 2026 inaugurated a Versatile Deuterated Solvents Production Plant and commissioned a 24 kA Prototype Sodium Cell at Vadodara, advancing the country's three-stage nuclear power programme and Fast Breeder Reactor roadmap.

HWB's customer base is anchored by Nuclear Power Corporation of India Ltd (NPCIL), the dominant domestic operator of pressurized heavy water reactors, with secondary customers including research institutions such as BARC and international nuclear operators (notably Nucleoeléctrica Argentina S.A. under a four-year supply agreement signed November 2024). The business model is government-to-government and institutional: pricing is not publicly disclosed, contracts are negotiated directly, and revenue flows through DAE budget channels rather than commercial markets. Distribution is conducted through dedicated domestic (indsales) and international (export) supply functions within HWB's organizational structure.

Recent strategic activity signals deliberate diversification beyond bulk heavy water into higher-margin specialty chemicals and emerging verticals: a January 2026 pilot-scale partnership with NALCO, BARC, and CSIR-IMMT for critical minerals extraction (gallium, rare earth elements) from industrial waste streams positions HWB into semiconductor and EV supply chains. The organization is ISO 9001:2015, ISO 14001:2015, and OHSAS 18001 certified, and operates with no private shareholders — wholly owned and controlled by the Government of India through DAE. Current Chief Executive Shri V.V.S.A. Prasad assumed charge on 1 May 2026.

Name

Heavy Water Board

Legal name

Heavy Water Board

Website

https://hwb.gov.in

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Heavy Water Board (HWB) is an Indian Department of Atomic Energy statutory body and the world's largest producer of heavy water (D2O), supplying nuclear-grade materials primarily to NPCIL for India's pressurized heavy water reactors, alongside specialty deuterated compounds and emerging critical minerals for research and industrial customers.

Ownership category

akta.pro rank

Product category

Nuclear Materials Manufacturing

NAICS

Basic Chemical Manufacturing (3251)

SIC

Industrial Inorganic Chemicals (2810)

akta.pro primary industry

Chemistry, Water Treatment & Radiochemistry (Primary/Secondary Chemistry, Sampling) (EUAKABAG)

akta.pro secondary industries

High-Purity Acids & Bases (UPW-grade) (IMAEAKAC), Nuclear Waste Management & Geological Disposal (EUACADAM)

Keywords

• Heavy water production
• Deuterated compounds manufacturing
• Nuclear materials supply
• Specialty chemicals production
• Nuclear-grade sodium

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Distribution channels2 records

Marketing channels2 records

Core offering

Heavy Water Board (HWB) is the world's largest producer of heavy water (deuterium oxide, D2O), used as moderator and coolant in pressurized heavy water reactors. Beyond heavy water, HWB manufactures a portfolio of specialty materials including deuterated compounds, nuclear-grade sodium (24 kA prototype sodium cell), organo-phosphorus extractants (TBP TOPS-03 and D2EHPA TOPS-99), boron compounds, potassium metal, sodium sulphate, deuterium gas, H218O, deuterium depleted water, and dry fly ash for nuclear power, scientific research, and industrial applications.

Product overview

Heavy Water Board (HWB) is a government organization under the Department of Atomic Energy, Government of India, producing heavy water and specialty materials. HWB is the largest producer of Heavy Water in the world. The product portfolio centers on Heavy Water (D2O) as the core product, complemented by a range of specialty materials including deuterated compounds, boron, potassium metal, sodium sulphate, deuterium gas, H218O, deuterium depleted water, and organic extractants (TBP TOPS-03™ and D2EHPA TOPS®-99). These products serve nuclear power generation, scientific research, pharmaceutical applications, and various industrial uses. The organization operates multiple production plants across India.

Differentiator

Problem solved

Functional benefit

Brands

• TOPS-99 (Di-2-Ethyl Hexyl Phosphoric Acid): Specialty chemical product used as extractant
• TOPS-03 (Tri-n-Butyl Phosphate)

Products and services

• Heavy Water (D2O)
• Deuterated Compounds
• Tri-n-Butyl Phosphate TOPS-03
• Di-(2-Ethyl Hexyl) Phosphoric Acid TOPS-99
• Boron
• Potassium Metal
• Sodium Sulphate
• Deuterium Gas
• H218O
• Deuterium Depleted Water
• Dry Fly Ash
• Nuclear-Grade Sodium (24 kA Prototype Sodium Cell)

Quantifiable outcome

• Reduced reliance on external sources for deuterated compounds through domestic production at Versatile Deuterated Solvents Production Plant
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core, major and minor.

• Rashtriya Chemicals and Fertilizers Ltd. (RCF), ChemburcoreStrategic or Co-development Partner · 9 March 2026Agreement signed on 9th March 2026 between Heavy Water Board and Rashtriya Chemicals and Fertilizers Ltd. for providing support and services to HWBF Mumbai at RCF, Chembur for five years. This collaboration leverages RCF's infrastructure and capabilities for operational support.
• Bhabha Atomic Research Centre (BARC)coreStrategic or Co-development Partner · 20 January 2026NALCO has set up pilot-scale facilities in partnership with Bhabha Atomic Research Centre, Heavy Water Board, and CSIR–Institute of Minerals and Materials Technology for commercial extraction of critical minerals including gallium, iron, alumina, and rare earth elements from industrial waste streams such as red mud and fly ash. HWB contributes its expertise in chemical processing and specialty materials.
• Nucleoelectrica Argentina S.A. (NASA)majorStrategic or Co-development Partner · 4 November 2024HWB signed a four-year agreement with Nucleoelectrica Argentina S.A. (NASA) on 4 November 2024 for supply of heavy water to pressurized heavy water reactors operated by NASA in Argentina. This represents significant international recognition and export opportunity for India's heavy water production capabilities.
• Kilburn EngineeringminorImplementation/ SI/ Consulting PartnerKilburn Engineering secured a major chemical process plant project for the Heavy Water Board of India worth Rs 87.87 crore. This represents contractor engagement for HWB facility development and modernization.
• CSIR–Institute of Minerals and Materials TechnologycoreTechnology or IntegrationPartnership for pilot-scale facilities to extract critical minerals from industrial waste streams. CSIR-IMMT contributes research capabilities while HWB provides chemical processing expertise for the critical minerals recovery initiative targeting semiconductor, EV, and clean energy sectors.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Rosatom: Russian state nuclear corporation producing heavy water for RBMK and other reactor designs as part of an integrated nuclear fuel cycle. Comparable to HWB as a sovereign producer of heavy water and nuclear specialty materials, though with much broader scope across reactors, fuel, and services.
• China National Nuclear Corporation (CNNC): Chinese state-owned nuclear corporation producing heavy water for indigenous PHWR fleets and specialty nuclear materials. Comparable as a sovereign, government-owned counterpart operating heavy water and nuclear-grade chemical production at scale.
• Urenco: Uranium enrichment consortium with stable isotope separation capabilities including deuterium production. Comparable to HWB on the isotope-separation technology axis and as a strategic-materials supplier to nuclear operators, though Urenco's primary business is enrichment rather than heavy water.
• Atomic Energy of Canada Limited (AECL): Canadian federal nuclear science and technology organization originally tied to CANDU/PHWR development and historically associated with heavy water production. Comparable as a state-owned nuclear-research body, though scope is broader than HWB's production-focused mandate.

Direct peers

• KAERI (Korea Atomic Energy Research Institute): South Korea's national atomic energy research institute, producing heavy water and deuterated compounds to support the Korean nuclear programme. Mirrors HWB's mandate as a government-backed heavy water and isotope producer with diversified specialty materials.
• Cambridge Isotope Laboratories: World's leading producer of stable isotopes and deuterated compounds used in NMR, pharma, and research. Directly comparable to HWB's deuterated solvents and specialty chemicals portfolio, and competes with HWB's new Versatile Deuterated Solvents Plant in the same customer segments.
• Isotec (Sigma-Aldrich / Merck KGaA): Global leader in deuterated solvents and stable isotope-labelled compounds for NMR, pharma, and life-science research. Direct competitor to HWB's deuterated compounds line, with established commercial distribution that HWB's new Vadodara plant will need to match.

Emerging players

• IBG Isotope Technologies Garching: European producer of deuterated solvents and stable isotope-labelled compounds for NMR and research. Overlaps with HWB's specialty deuterated materials business and represents the type of focused commercial supplier HWB must compete with internationally.
• Center for Applied Isotope Studies (University of Georgia): Specialized facility producing deuterated compounds and enriched stable isotopes for research and medical applications. Partial overlap with HWB's deuterated-compounds portfolio and an example of a smaller specialist player in the same niche.

Others

• Investigaciones Aplicadas S.A. de C.V. (ININ / Mexican nuclear institute peers): National nuclear research institutes in emerging nuclear nations (e.g., Mexico, Argentina) that maintain heavy water infrastructure for small PHWR fleets. Comparable as government entities holding heavy water production capability, relevant to HWB's potential role as an export supplier to similar operators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Heavy Water Board