Varun Energy Acquires Madagascar Uranium Mines Surajeet Das Gupta | New Delhi December 14, 2009 Last Updated at 00:06 IST
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Varun Energy acquires Madagascar uranium mines Surajeet Das Gupta | New Delhi December 14, 2009 Last Updated at 00:06 IST
VARUN INDUSTRIES LTD Varun Energy Corporation, a group company of LIVE STOCK PRICE - CLICK HERE FOR steel exporter Varun Industries Limited, has MORE acquired uranium mines in Madagascar, an island nation in the Indian Ocean. NSE 7.45 1.40 (23.14%)
Varun Energy is one of the first private Indian BSE NSE companies to acquire rights directly in this business.
Madagascar has high concentration of uranium, besides thorium and gold. The group acquired 1,111 blocks covering 6,900 sq km with estimated reserves of 1,700,000 tonne of uranium, 4,350,000
1D 5D 1M 6M 1Y 2Y tonne of thorium and traces of gold for exploration, exploitation and output sale. Varun is present in Madagascar as Varun International SARL and ALSO READ Madagascar Energy Corporation with 67 per cent ONGC seeks windfall tax on crude oil stake in both companies. Kiran Mehta, CMD, Varun Foreign nuke cos want rule Group, declined comment. changes Singareni to invest Rs 846 cr Varun Industries, with a turnover of Rs 1,400 crore, in Adriyala project through its subsidiaries and associate companies Indian Jute Mills Association has diverse interests globally in areas including urges Bengal government to gems and jewellery, oil and natural gas, mining and resolve industry problems energy. The company was listed in 2007. It is also Scooters on fast track into retailing of stainless steel products under the brand name Varun.
The group’s foray into uranium offers tremendous growth potential, as current demand for the heavy metal as a commercially viable alternative fuel for generation of nuclear energy far outstrips supply.
According to a World Nuclear Association report, India has an ambitious nuclear power programme and expects to have 20,000 MWe nuclear energy capacities on line by 2020 and 63,000 MWe by 2032. It aims to supply 25 per cent of electricity from nuclear power by 2050. Reliance Industries is into uranium mining, but indirectly, with 49 per cent stake in Uranium Exploration Australia, which has exploration licences in some parts of the continent. Jindal Power and Steel is another company that has uranium assets in Mongolia, bought from a Canadian company.
READ MORE ON VARUN ENERGY CORPORATION VARUN INDUSTRIES KIRAN MEHTA MADAGASCAR URANIUM MINES WORLD NUCLEAR ASSOCIATION REPORT
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