9JULY 2024INDIA TO SOURCE URANIUM FOR HARNESSING NUCLEAR ENERGYGODREJ INDUSTRIES TO BUY UNIT OF SHREE VALLABH CHEMICALSIndian Prime Minister Narendra Modi arrived in Russia for a visit on Monday and Tuesday, marking his first visit in five years. During this visit, Modi is expected to hold talks with President Vladimir Putin to rejuvenate the relations between the two nations and potentially finalize strategic deals. A significant outcome of the visit is likely to be a long-term uranium supply agreement for a nuclear power plant in Tamil Nadu, as reported by senior officials. Additionally, India and Russia are expected to sign an agreement allowing their military forces to use each other's facilities for training, port calls, humanitarian assistance and disaster relief operations. This agreement underscores the strengthening of defense ties between the two countries.India's Ministry of External Affairs has not yet provided details on the uranium supply agreement. Similarly, Russia's state nuclear company, Rosatom and Putin's spokesman, Dmitry Peskov, have not commented.The increasing support for nuclear power as a low-carbon energy source has led to a significant rise in uranium prices since the end of 2020. According to Bloomberg India's Foreign Secretary Vinay Kwatra highlighted the progress on the Kudankulam Nuclear Power Plant, with units 1 and 2 already operational and work ongoing on units 3 to 6. Rosatom has previously supplied nuclear fuel to Kudankulam in 2022 and 2023. Given India's depleting uranium reserves in Jharkhand and unfulfilled expectations from deposits in Andhra Pradesh and Meghalaya, the country increasingly relies on imports to meet its nuclear fuel requirements. Godrej Industries said that its chemicals business unit has agreed to acquire a plant of Shree Vallabh Chemicals in Kheda, Gujarat, for an estimated 45 crore. Godrej Industries said in a regulatory filing that its chemicals business has inked a business transfer agreement with Shree Vallabh Chemicals Unit II (Kheda) with the goal of acquiring their Ethoxylation unit II.This deal will allow the company to broaden its product offerings by adding Ethoxylation technology to its portfolio of process and batch technologies, it stated. The Shree Vallabh Ethoxylation Unit II can produce 24,000 MTPA (million tonnes per annum) of final products, according to the application.Godrej Industries projected that the amount to be invested would be roughly 45 crore. The proposed acquisition of the unit will allow us to expand our products while also catering to new applications for our customers. We are certain that by allowing us to accelerate the investment timetable, we would be able to achieve different cost savings," stated Vishal Sharma, Executive Director and CEO of Godrej Industries (Chemicals).Godrej Industries is the holding firm for the Godrej Group. They have large investments in consumer products, real estate, agriculture, chemicals, and financial services through our subsidiaries and associate companies in 18 countries.
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