While the rest of the developed world is scouring the globe chasing the fossil fuel football, India is on a chase of its own, far from those muddy playing fields. It's not peak oil that has India in its grip, but peak uranium. And to the growing nation it is no less important.

The dilemma for India is twofold, because as a nation that has not signed the Nuclear Nonproliferation Treaty (NPT), it has effectively set itself on the proverbial island.

As a result of this exclusion, India's nuclear power program has had to succeed largely without the fuel or technological assistance from the signatories of the treaty. Because of this the nation has been saddled with a tough choice-it can either keep its dwindling and modest uranium resources as a source to keep its weapons programs rolling or it can use them to produce electricity.

Either way, of course, it now finds itself at a nuclear crossroads, since it lacks the capacity to grow both its military and civilian programs beyond their natural limits.

As dire as this may sound, the country is in the process of developing a workaround for its refusal to sign the NPT. And when it does, it will be able to keep both programs intact and moving forward.

It started in July 2005, when President Bush met with Indian Prime Minister Manmohan Singh. It was then that the two put together the framework of a deal that would free India from its brewing dilemma, effectively ending 30 years of international isolation over its nuclear policy.

That deal is now working its way through Congress-and an overwhelming majority of legislators has now endorsed separate versions of the bill in the House and Senate.

All that remains now is the reconciliation of the bills and the certain signature of President Bush. As a result, the final stumbling blocks to nuclear trade between the U.S. and India could be removed by as early as next May.

And while the deal has been met with the cries of critics in the nonproliferation movement, it has been greeted with cheers by the businesses eager to crack the long dormant Indian nuclear market.

In fact, executives from 250 companies are in India today as part of the biggest business delegation ever assembled. They're networking in advance of the deal that for all intents is practically done.

"You've got to operate on a somewhat parallel path. You've got to start discussions, start a dialogue, listen to the customers, go and see what the Indian regulators have to say," said Frank Lavin, the U.S. Undersecretary of Commerce for International Trade, who is leading the delegation.

Given the potential size of the market, it is work that may one day be quite worth it all. That's because India hasn't been waiting for the final ink either. It is currently building seven new reactors and now has plans to increase its nuclear production to 30,000 megawatts by 2027. That is an amazing tenfold increase over its current capacity.

It is the reason why industry experts believe that this new nuclear era in India could yield some $100 billion worth of new contracts in the future.

This burgeoning market has attracted companies such as General Electric and Westinghouse for their expertise in reactor designs and equipment, while international giant Bechtel Group Inc. is looking for a piece of the construction pie.

But among these heavyweights, it is a much smaller company, Thorium Power (THPW:OB), that seems to be making the most noise. That's because their technology offers not just nuclear fuel, but fuel designed in such a way that it is proliferation resistant. It is the type of advance that could prove desirable to India-especially in the face of those nonproliferation worries.

The company is currently in talks with scientists, government officials and business leaders in hopes of landing the contracts that would propel its growth.

"India has very ambitious plans to build dozens of new reactors in the coming years and they have already decided that the vast majority of these reactors will be designed to use thorium fuel. We have found great interest among all segments of the nuclear community here in the proliferation resistant, low-waste fuel technology that Thorium Power offers," said company CEO Seth Gray.

"Thorium Power will be well positioned to work with Indian partners in the private sector and government agencies to advance India's goals," he added.

But regardless of which companies will eventually emerge as the winners in the rush to conquer India this much is for certain-the opportunity to profit is knocking loud and hard.

The deal to open this market is now down to the details. When it is eventually finalized, India will have overcome its nuclear hurdles, becoming the next frontier in nuclear power.

The 250 businesses that are there today have this market firmly in their sights. Investing this new frontier will pay dividends for some time to come.