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NPCIL to order 2,000 tonnes uranium by 2008
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Monday, 13 Oct 2008

Bloomberg reported that Nuclear Power Corporation of India Limited has plans to place orders for as much as 2,000 tonnes of uranium, equal to almost a 5th of Japan’s annual demand before the end of 2008 to ensure fuel supplies.

Mr SK Jain chairman of Nuclear Power Corporation of India Limited said that NPCIL is in talks for long term contracts and is also willing to invest up to USD 1 billion to buy stakes in as many as four uranium mines overseas.

Mr Jain said that “The next step is to ensure fuel supplies for our ongoing and planned projects. He said that we need long term supplies and we’re looking to buy stakes in assets.”

As per report, India where homes and industry suffer peak power shortages of as much as 17% will buy nuclear power reactors and uranium for the first time after a US backed deal helped end a 3 decade ban. The South Asian nation needs the radioactive fuel to fire the 28 reactors it plans to build to meet its target of adding 40,000 MW of nuclear generation by 2020.

Mr George W Bush President of US on October 8 signed into law approval for US companies such as General Electric to sell India atomic fuel and technology. A group of 45 nuclear supplier nations waived international restrictions on India last month.

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