India will require ten times the current amount of uranium in 2020 to expand its nuclear power generation, according to the country’s monopoly atomic generator.
Nuclear Power Corporation of India finance director Jagdeep Ghai said India requires 8,000 tons of uranium per year and the nation is searching for cheaper sources to meet the need, reports Bloomberg.
India has signed civil nuclear agreements with six countries including Canada, Kazakhstan and Namibia, to secure stakes in overseas uranium mines.
At present, Russia’s Rosatom and France’s Areva plan to build reactors in the country.
Atomic energy companies are flocking to India after a three-decade global ban on nuclear trade was lifted last year.
Nuclear Power chairman Shreyans Kumar Jain told Bloomberg that India plans to increase its nuclear power generation capacity to 40,000MW by 2035.