National Aluminium Seeks to Acquire Uranium Mines Overseas in Power Foray
National Aluminium Co., India’s second-biggest producer of the metal, is seeking to buy uranium mines in Canada, Mongolia and Namibia to secure supplies for its first move into nuclear energy.
The company, based in the eastern city of Bhubaneswar, is in talks with Uranium Corp. of India to develop any projects found and may tie up with the nation’s monopoly nuclear-fuel producer in a month, National Aluminium Finance Director B.L. Bagra said today in a telephone interview. Some targets have been identified for detailed studies, he said.
“The two companies will chase deals aggressively after an agreement is signed,” Bagra said, without giving details.
India, struggling to run its 20 nuclear reactors at full capacity because of a fuel shortage, is seeking uranium supplies to increase atomic power generation to 20 gigawatts by 2020 from 4.8 gigawatts. National Aluminium and Nuclear Power Corp. of India aim to jointly build a 1,400 megawatt atomic power plant and may spend a combined 120 billion rupees ($2.6 billion), Bagra said.
National Aluminium shares fell as much as 1 percent to 390 rupees and traded at 392.60 rupees as of 9:39 a.m. in Mumbai. The benchmark Sensitive Index fell 0.2 percent.
State-owned Uranium Corp., part of the department of atomic energy, mines the ore at six locations in the eastern state of Jharkhand. It plans to seek more reserves in the eastern state and begin mining in the southern states of Andhra Pradesh and Karnataka, it said on its website, without giving details.
Uranium Corp. Executive Director Pinaki Roy declined to comment on a possible agreement with National Aluminium.
National Aluminium may also bid for two large coal-based power projects being offered by India’s government, Bagra said on Dec. 31. The company plans to make offers for the so-called “ultra mega power projects” in the states of Orissa and Chhattisgarh and is in talks with NMDC Ltd. and Neyveli Lignite Corp. to form a group, he said that day.
To contact the reporters on this story: Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net; Abhishek Shanker in Mumbai at ashanker1@bloomberg.net.
To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net
The company, based in the eastern city of Bhubaneswar, is in talks with Uranium Corp. of India to develop any projects found and may tie up with the nation’s monopoly nuclear-fuel producer in a month, National Aluminium Finance Director B.L. Bagra said today in a telephone interview. Some targets have been identified for detailed studies, he said.
“The two companies will chase deals aggressively after an agreement is signed,” Bagra said, without giving details.
India, struggling to run its 20 nuclear reactors at full capacity because of a fuel shortage, is seeking uranium supplies to increase atomic power generation to 20 gigawatts by 2020 from 4.8 gigawatts. National Aluminium and Nuclear Power Corp. of India aim to jointly build a 1,400 megawatt atomic power plant and may spend a combined 120 billion rupees ($2.6 billion), Bagra said.
National Aluminium shares fell as much as 1 percent to 390 rupees and traded at 392.60 rupees as of 9:39 a.m. in Mumbai. The benchmark Sensitive Index fell 0.2 percent.
State-owned Uranium Corp., part of the department of atomic energy, mines the ore at six locations in the eastern state of Jharkhand. It plans to seek more reserves in the eastern state and begin mining in the southern states of Andhra Pradesh and Karnataka, it said on its website, without giving details.
Uranium Corp. Executive Director Pinaki Roy declined to comment on a possible agreement with National Aluminium.
National Aluminium may also bid for two large coal-based power projects being offered by India’s government, Bagra said on Dec. 31. The company plans to make offers for the so-called “ultra mega power projects” in the states of Orissa and Chhattisgarh and is in talks with NMDC Ltd. and Neyveli Lignite Corp. to form a group, he said that day.
To contact the reporters on this story: Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net; Abhishek Shanker in Mumbai at ashanker1@bloomberg.net.
To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net
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