Business Daily from THE HINDU group of publications
Thursday, Sep 24, 2009
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Business Daily from THE HINDU group of publications Thursday, Sep 24, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Overseas Investments Varun to speed up uranium prospecting The company has acquired 1,011 blocks with huge reserves of uranium and thorium Our Bureau Mumbai, Sept. 23 Stainless steelware manufacturer Varun Group plans to complete the exploration phase of the uranium alliance with the Republic of Madagascar within a year instead of the earlier projected 2-5 years. The company has acquired 1,011 blocks with huge reserves of uranium and thorium apart from traces of gold, according to a press release issued on Wednesday. Varun Group’s Mauritius-based subsidiary signed the agreement with OMNIS, Madagascar (Office of Mines and National Industries Strategies) and INSTN Madagascar (Institute for the Science and Technique of Nuclear) for the purpose of exploration, exploitation and output sale of the mineral. “Through this initiative, Varun will contribute to the country’s need for uranium and help ease the energy crisis in a big way”, said Mr Kiran Mehta, Chairman and Managing Director of the Varun Group. More Stories on : Overseas Investments | Minerals
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