Uranium Corporation of India Limited (UCIL) reports 119% jump in Q1 net profit

KOLKATA: Uranium Corporation of India Limited (UCIL) has seen a 119% jump in net profit to Rs 101 crore in 2010-11 even as the company's total revenues went up 39.38% to Rs 727 crore during the year. Compared to this, UCIL which is under department of atomic energy, had a turnover of Rs 521.6 crore in 2009-10.

Chairman and managing director Ramendra Gupta said the company has applied for an investment of Rs 4,500 crore during the 12th Plan period. Depending on the amount which gets approved, UCIL hopes to invest some Rs 2,000 crore in upcoming mining projects.

However, bulk of the amount likely to be spent on Tummalapalle deposit in Andhra Pradesh, which has emerged as the largest uranium deposit globally with estimated reserves of nearly 1.5 lakh tonnes. Apart from its base in the Singhbhum area of Jharkhand, UCIL also has nearly 16,000 tonnes of estimated reserves in Meghalaya and another 4,500 tonnes of high grade reserves in Karnataka.