India’s largest integrated power company, NTPC, is looking to diversify into clean energy, for which it is looking to acquire uranium resources overseas to ensure the radioactive metal’s availability for its nuclear power projects.
A company official of the home-grown power giant said the company’s board had already a draft MoU with the Uranium Corporation of India Limited for a joint techno-commercial project.
"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.
According to the official, the company is also in discussions with the US-based Clean Core Thorium Energy (CCTE) to explore development/deployment of ANEEL (Advanced Nuclear Energy for Enriched Life) fuel.
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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.
It has an installed capacity of 83,026 megawatt at group level based on fuel sources like coal, gas/liquid fuel, hydro, and solar, as per its website.
To venture into non fossil fuel-based energy generation capacity, the country’s largest power generator plans to set up nuclear projects at various locations in India through joint ventures and individually.
For the same, it is expected to 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.
NPCIL will hold a 51 per cent stake in this joint venture, while the NTPC will own a 49 per cent stake. The venture will build, own and operate nuclear power plants in India in accordance with provisions of the Atomic Energy Act.
In January this year, the firm had formed its subsidiary, NTPC Parmanu Urja Nigam Ltd (NPUNL), to explore individual nuclear projects. It is also collaborating with various nuclear technology providers and state governments to set up projects on its own.
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.
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