Home-grown power giant NTPC is exploring overseas uranium acquisitions to ensure fuel availability for its future nuclear projects, a company official said.

Founded in 1975 as a thermal power producer, NTPC Ltd has steadily expanded its portfolio, currently boasting an installed capacity of 83,026 MW across coal, gas/liquid fuel, hydro, and solar sources.

To grow its non-fossil fuel generation, NTPC plans to develop nuclear projects both independently and through joint ventures. The board has approved a draft memorandum of understanding with Uranium Corporation of India Ltd (UCIL) for joint techno-commercial due diligence of overseas uranium assets.

NTPC is expected to enter nuclear power through its joint venture with Nuclear Power Corporation of India Ltd (NPCIL), Anushakti Vidhyut Nigam Ltd (ASHVINI), which is developing the 2,800 MW Mahi Banswara Nuclear Power Project in Rajasthan. NPCIL holds 51 per cent and NTPC 49 per cent of the venture.

In January 2025, NTPC also formed NTPC Parmanu Urja Nigam Ltd (NPUNL) to pursue standalone nuclear projects and is collaborating with technology providers and state governments. Discussions are underway with US-based Clean Core Thorium Energy to explore deployment of ANEEL (Advanced Nuclear Energy for Enriched Life) fuel.

India currently has 8,180 MW of nuclear power, just 2 per cent of the nation’s total installed capacity of 475,212 MW, with a government target of 100 GW by 2047. While renewable energy has grown, its intermittent nature limits round-the-clock supply, making nuclear energy a reliable, low-carbon alternative, the official said.