NTPC looks to acquire uranium assets overseas to ensure fuel for future nuclear projects

India's NTPC plans to acquire overseas uranium assets to fuel its upcoming nuclear power projects. Through joint ventures and individual efforts, NTPC is expanding into nuclear energy to support India's clean energy goals and reduce dependence on fossil fuels

New Delhi: Home-grown power giant NTPC, which is diversifying into clean energy generation, looks to acquire uranium assets overseas to ensure fuel availability for its future nuclear projects, according to a company official.

Established as a thermal-based power generator in 1975, NTPC Ltd (erstwhile National Thermal Power Corporation Ltd), has been increasing its capacity while diversifying into new modes of energy generation.

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The country’s largest power generator has an installed capacity of 83,026 megawatt at group level based on fuel sources like coal, gas/liquid fuel, hydro, and solar, according to the NTPC website.

To increase its non fossil fuel-based energy generation capacity, the company has plans to set up nuclear projects at various locations in India both through joint venture route and individually.

“For fuel, we are exploring the possibility of acquiring overseas uranium assets. Our board has already approved a draft MoU (memorandum of understanding) with Uranium Corporation of India Limited (UCIL) for joint techno-commercial due diligence of overseas uranium assets in this direction,” the official said.

Uranium, a naturally occurring metallic element, is used as fuel to power nuclear projects.

NTPC is expected to soon enter the nuclear power business through Anushakti Vidhyut Nigam Ltd (ASHVINI), a joint venture with Nuclear Power Corporation of India Ltd (NPCIL), with 2,800 megawatt (MW) Mahi Banswara Nuclear Power Project at Rajasthan.

The JV, in which NPCIL holds a 51 per cent stake and NTPC owns 49 per cent, was formed to build, own and operate nuclear power plants in India in accordance with provisions of the Atomic Energy Act.

In January this year, NTPC formed its subsidiary NTPC Parmanu Urja Nigam Ltd (NPUNL) to explore individual nuclear projects.

Besides, NTPC is collaborating with various nuclear technology providers and state governments to set up projects on its own.

According to the official, the state-owned power company is also in discussions with US-based Clean Core Thorium Energy (CCTE) to explore development/deployment of ANEEL (Advanced Nuclear Energy for Enriched Life) fuel.

The government aims to set up 100 GW of nuclear power capacity by 2047 to increase its share in India’s energy mix.

As of March 2025, the country’s total installed energy capacity of 4,75,212 MW has only 2 per cent or 8,180 MW share of nuclear power.

The official further said that while renewable energy sources like solar and wind have witnessed significant growth, their intermittent nature and substantial land requirements limit their ability to meet India’s energy demand round-the-clock.

“In contrast, nuclear energy presents a robust alternative, offering reliable, high-quality base load power with minimal carbon emissions,” he said.