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.
Terra Power, based in Washington, is designing a nuclear reactor that uses low-enriched uranium and produces less waste.
The reactors need uranium to start up and can "run for decades on depleted uranium" without enrichment or reprocessing, Terra Power said on its website.
Gates, 56, ranked as the world's second-richest man in March by Forbes magazine, visited China earlier this month to promote a new technology for fourth-generation nuclear reactors developed by Terra Power.
Development of Terra Power's "travelling-wave reactor" may require an investment of $1 billion in the next five years and they will cost "billions" to build, according to Gates, who spoke to China National Nuclear Corp. during his visit on Dec 7. The "new approach" to nuclear power is still at an early stage and its adoption won't move fast, he added.
Source- Times of India