Page 142 - CW E-Magazine (7-1-2025)

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NUCLEAR ENERGY

US-based Clean Core Thorium partners with NTPC

An Indian-promoted, US-head- which it calls ANEEL, for Advanced The tie-up with NTPC is for “ex-
quartered company, Clean Core Nuclear Energy for Enriched Life, ploring development & deployment of
Thorium Energy (CCTE), has deve- can be used straightaway into India’s ANEEL fuel in India, exploring pos-
loped a nuclear fuel that can enable existing Pressurised Heavy Water sible indigenisation of ANEEL fuel
India to tap into its abundant thorium Reactors, thus enabling the use of the manufacturing, local supply chain
resources. It has announced a tie-up huge thorium reserves that the country development, exploring establish-
with NTPC, India’s largest integrated is blessed with. ment of supply chain for HALEU and
power company. This tie-up will help exploring supply of Uranium to India
NTPC further its ambitions in the India’s thorium reserves, esti- with sovereign guarantee,” according
nuclear energy sector, into which it mated to be a million tonnes, can last to a press release.
plans to foray. centuries, if not millennia, and is the
country’s biggest energy resource. CCTE was set up in the US by Mehul
This is the second tie-up that CCTE Furthermore, ANEEL is also prolife- Shah, a Gujarati businessman. Lakshmi
has formed with an Indian company ration-resistant. However, it is pertinent Narayanan, former CEO of Cognizant;
after L&T in October 2024. to note that ANEEL is still undergoing Dr. Anil Kakodkar, former Chairman of
irradiation tests at the US Idaho the Atomic Energy Commission; and
CCTE’s nuclear fuel is a combination National Laboratory. Also, the use M. K. Narayanan, former National
of ‘high assay low enriched uranium’, of ANEEL would mean importing Security Adviser, are among the people
or HALEU, and thorium. This fuel, HALEU from the US. closely associated with CCTE.
REGULATORY CLEARANCE

CCI gives nod to Hubergroup acquisition by Murugappa

family promoted PE fi rm

The Competition Commission of printing auxiliaries for packaging, annual sales of around €812-mn in
India (CCI) has cleared the acquisi- commercial, and newspaper printing. 2022. MAVCO is a private investment
tion of Hubergroup, a 258-year-old vehicle led by M.A.M. Arunachalam,
German printing inks and chemicals The Chemicals Division produces Vellayan Subbiah, and Arun Venkata-
company, by a consortium of MAVCO speciality chemicals such as resins, chalam of the Murugappa family.
Investments, which is a private invest- laminating adhesives, pigments, and Avenue Capital Group is a global
ment vehicle of some members of the additives at its plants in India. Huber- investment fi rm focused on special
Murugappa group family, and funds group employs around 3,000 people situations investments in the US,
managed by Avenue Capital Group, a in almost 30 countries and generated Europe, and Asia.
US-based global investment fi rm.
Ashish Nayak resigns as CFO
The acquisition, said to be for
$310-mn, “marks our strategic entry at Punjab Chemicals
into the global print/packaging solu-
tions and allied products,” said Mr. Ashish R. Nayak, Chief Finan- from his duties within the stipulated
M.A.M. Arunachalam (also known as cial Offi cer (CFO) & Vice President time as per terms of his appointment
Arun Murugappan). The consortium Finance & Accounts, Punjab Chemi- and the rules of the company. PCCPL
is buying out the current owner, cals and Crop Protection Ltd. (PCCPL) produces various agrochemicals
Corne-lius Treuhand Holding. has resigned from the services of the (technical and formulations), APIs,
company due to personal reasons. The pharmaceutical intermediates, phos-
Hubergroup’s Print Solutions Divi- management has accepted Ashish’s phorous derivatives, and speciality
sion produces inks, varnishes, and resignation. Nayak will be relieved chemicals.

142 Chemical Weekly January 7, 2025

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