India aims to allow private firms to mine, import uranium

India aims to allow private firms to mine, import uranium

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India aims to allow private firms to mine, import and process uranium as part of plans to end a decades-old state monopoly over the nuclear sector and bring in billions of dollars to boost the industry, two government sources said.

Prime Minister Narendra Modi's government plans to expand nuclear power production capacity by 12 times by 2047 and it is also relaxing requirements to allow foreign players to take a minority stake in power plants, Reuters reported in April.

If it meets its expansion goal, nuclear will provide 58 of India's total power needs, according to government estimates.

Until now, the state has maintained control over the mining, import and processing of uranium fuel because of concerns over the possible misuse of nuclear material, radiation safety and strategic security.