Key facts
- India's state-owned NTPC Ltd is looking to acquire stakes in global uranium assets.
- The company has issued a tender to hire consultants to identify potential uranium mines.
- India aims to boost its nuclear power capacity tenfold over the next two decades.
- NTPC is expected to account for 30% of new nuclear power capacity installations by 2047.
- The Atomic Energy Bill, approved in late 2025, allows private companies to invest in the nuclear energy industry.
India's state-owned NTPC Ltd, the country's largest utility, is actively seeking to secure stakes in global uranium assets to fuel its ambitious nuclear power expansion plans. The company has issued a tender for consultants to help identify potential uranium mines in key producing countries such as Australia, Canada, Kazakhstan, and South Africa, with bids due by July 16.
Currently, India relies on the state-held Uranium Corporation of India (UCIL) for its uranium supply. However, with plans to increase nuclear power capacity tenfold over the next two decades, NTPC recognizes the need for overseas exploration and acquisition. The company stated that the scale of planned capacity additions necessitates securing a sustainable fuel supply, given the limitations of domestic reserves.
India's government approved the Atomic Energy Bill in late 2025, opening the nuclear energy industry to private investment for the first time. A panel report indicates that achieving the goal of 100 gigawatts (GW) of installed nuclear power capacity by 2047, up from the current 8.8 GW, will require approximately $204 billion in cumulative capital. NTPC is projected to contribute 30% of this new capacity, underscoring the urgency of its search for international uranium sources.