RIL gears up for bigger play in nuclear sector

[alok agarwal]

 

RIL gears up for bigger play in nuclear sector

 

Mumbai: Reliance Industries’ nuclear play just got another boost. Even as Australian mining company UXA Resources, where RIL acquired a 49 % stake in 2007, just announced discoveries of new high grade uranium targets, it has simultaneously strengthened its presence in the nuclear sector by acquiring a minority stake in US-based nuclear design and engineering company, Terra Power LLC.
   That’s not all. Australia’s decision to lift its ban on uranium sales to India is also expected to help UXA Resources find newer ready markets in the country. RIL’s acquisition in Terra Power, for an undisclosed sum, was described by a company spokesman as one of its series of investments in the broader energy sector.
   “Reliance Industries, through one of its subsidiaries, has made a minority investment in Terra Power LLC, ” an RIL spokesperson said. He, however, declined to comment on the size of the deal. Ambani will join the board of Terra, which includes Microsoft chairman Bill Gates and Silicon Valley venture capitalist Vinod Khosla. RIL shares closed up 1% on BSE at Rs 755.
   India does not allow private sector participation in uranium exploration and mining. Nuclear power generation is also reserved for the public sector.