Cameco, the Canadian uranium giant headquartered in Saskatoon, will supply India with approximately 22 million pounds of uranium concentrate between 2027 and 2035. The deal, worth CAD 2.6 billion, was signed with India’s Department of Atomic Energy and ranks among the most significant bilateral nuclear fuel commitments in recent years. The agreement was sealed against the backdrop of a meeting in New Delhi between Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi last March.
The uranium deal is not a standalone development. It forms part of a broader Strategic Energy Partnership encompassing LNG, LPG, hydrogen, solar energy, and civil nuclear cooperation. Canada and India have simultaneously launched negotiations toward a Comprehensive Economic Partnership Agreement (CEPA), with the stated goal of concluding talks by the end of 2026. Bilateral trade between the two countries currently stands at around CAD 13 billion per year, with an ambition to scale that figure to CAD 70 billion by 2030 — more than a fivefold increase in less than a decade.
Canadian Trade Minister Maninder Sidhu described himself as “very, very optimistic” about reaching a trade agreement on schedule. Canada is a powerhouse in uranium production — the world’s second-largest producer — and Canadian companies bring deep expertise across the nuclear sector. India, for its part, is targeting 100 GW of nuclear capacity by 2047, an ambition that demands stable, diversified fuel supplies over multiple decades. The Cameco supply agreement directly supports that goal: it secures fuel for both existing and under-construction reactors, reducing exposure to volatile spot markets.
From a diplomatic standpoint, the deal marks a clear turning point. Relations between Ottawa and New Delhi had gone through a period of serious strain in recent years, with mutual expulsion of diplomats and a climate of mistrust that had effectively frozen any structured form of cooperation. The Carney-Modi meeting reset the agenda: both sides spoke explicitly of “strategic trust” as the foundation of their renewed bilateral relationship. The signing of the Terms of Reference for the CEPA and the Cameco-DAE agreement were the two concrete signals of this fresh start.
The implications for India’s nuclear sector are tangible. India currently operates around 7 GW of installed nuclear capacity and has an ambitious expansion plan in place, including domestically designed pressurised heavy water reactors and potentially advanced technologies developed in partnership with foreign players. Guaranteed access to Canadian uranium — with deliveries starting in 2027 — gives real momentum to that expansion programme. As the world’s second-largest uranium producer, Canada can offer India the supply certainty that spot market purchases simply cannot.
Should the CEPA negotiations reach a successful conclusion by December, the agreement could open further opportunities for Canadian companies active across the nuclear supply chain, from reactor technology to fuel management. India needs clean, dispatchable power at scale. Canada has the uranium, the industry expertise, and now the political will to deliver. 2026 may well be the year this convergence becomes a lasting structural partnership.
