Premier Brad Wall says the deal sealed by Prime Minister Stephen Harper and his Indian counterpart is great news for the industry.
India has announced plans to build 12 new reactors by 2021, with India's demand for uranium yellowcake expected to triple to about $650 million in annual purchases.
All of the Canadian uranium to be exported to India is produced in Saskatchewan.
The province is the world's second-leading producer of uranium behind Kazakhstan.
A nuclear co-operation agreement with India was signed two years ago, but its actual implementation stalled over the details.
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