Oil & Natural Gas Corp (ONGC) plans to invest in nuclear plants in India and has started mining for uranium to counter declining crude production.
ONGC Chairman A.K. Hazarika said that ONGC is in talks with Nuclear Power Corp. of India, the state-owned monopoly, on a potential partnership.
He also said, “It's very much a demand story and we would want to be helping meet most of India's energy demand. ''We are looking to get into related businesses for our next phase of growth.''.
Asia's third-biggest economy reaffirmed plans to boost nuclear power generation about 13- fold by 2030 in order to bridge an energy shortfall after conducting a safety review that was triggered by Japan's Fukushima disaster.
Moreover, he said that ONGC has commenced mining for uranium in the Cauvery area in Tamil Nadu in partnership with Uranium Corp of India Ltd (UCIL). ONGC also has plans to explore in Andhra Pradesh.
Nuclear Power currently has 20 reactors that can generate 4,780 megawatts, or 2.7% of India's total installed capacity of 176,990 megawatts as of June 30. India plans to increase its nuclear capacity to 60 gigawatts by 2030