India’s state-owned NTPC Ltd, the largest utility in the country, is seeking to acquire stakes in uranium assets globally to secure fuel for the expected massive expansion of India’s nuclear power capacity. NTPC, currently the only nuclear power generator in the country, has issued a tender to hire consultants to help it identify potential uranium mines in which it could invest in uranium-producing countries, including Australia, Canada, Kazakhstan, and South Africa.
India’s current supply of uranium comes from state-held Uranium Corporation of India (UCIL), which mines the nuclear fuel in the Jharkhand and Andhra Pradesh states. As India is pushing to boost its nuclear power capacity tenfold over the next two decades, NTPC is getting ready to secure uranium supply from mines overseas.
NTPC is expected to account for 30% of the new nuclear power capacity installations by 2047.
