State-owned NTPC Ltd is set to appoint a consultant to identify uranium mines abroad, following a formal agreement with Uranium Corporation of India Ltd (UCIL). This strategic move aims to secure a reliable fuel supply for NTPC’s future nuclear power projects, which are planned to be developed independently across various locations in India.
As part of its diversification into clean energy, NTPC is exploring the acquisition of uranium assets overseas. The company has already approved a draft memorandum of understanding (MoU) with UCIL to conduct joint techno-commercial due diligence of potential uranium assets. The appointed consultant will assess factors such as reserve quantity, logistics, transportation costs, and commercial viability to determine the feasibility of acquiring these assets.
NTPC’s expansion into nuclear energy is aligned with India’s ambitious goal of achieving 100 gigawatts (GW) of nuclear power capacity by 2047. The company is actively pursuing nuclear projects through joint ventures and independent initiatives. Notably, NTPC is collaborating with the Nuclear Power Corporation of India Ltd (NPCIL) on the Mahi Banswara Nuclear Power Project in Rajasthan, which has a planned capacity of 2,800 megawatts (MW).
To support its nuclear energy ambitions, NTPC is also seeking government approval for the bulk procurement of nuclear reactors. This initiative is part of a national plan to expand India’s atomic energy capacity and reduce reliance on fossil fuels. NTPC aims to install a significant portion of the country’s nuclear capacity, contributing to the broader goal of achieving 100 GW of nuclear power by 2047.
The appointment of a consultant to identify overseas uranium mines is a critical step in NTPC’s strategy to ensure a steady and cost-effective supply of fuel for its nuclear power projects. The outcome of this due diligence process will inform decisions regarding the acquisition of uranium assets abroad, supporting NTPC’s commitment to expanding India’s nuclear energy capacity.
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