The Government has confirmed it will proceed with the sale of its stake in Urenco after getting the go-ahead from the company's Dutch and German partners.
Several buyers are thought to be interested in bidding for the holding, which could generate a windfall of up to £3bn for UK taxpayers.
The Business and Energy Minister Michael Fallon said now is the right time for the Government to sell some or all of its shares in the company.
"It makes good commercial sense now and is consistent with our position that assets should be sold where ownership itself does not deliver any policy objective," he insisted.
"Our priority is to ensure taxpayers' money is being used in the most effective way to boost economic growth."
He added that the Government would make sure a sale delivered value for money and protected the UK's interests.
Three countries have equal stakes in the company - the UK, the Netherlands and Germany, whose shares are held by energy groups E.ON and RWE.
Any change in ownership must be agreed by all shareholders and with the German government.
Potential bidders for the UK's stake include Japan's Toshiba, reactor builder Westinghouse, France's Areva, Canadian uranium producer Cameco and the Canada Pension Plan Investment Board.
But safeguards will be put in place to ensure the new owners do not have access to sensitive information about nuclear technology.
The Department for Business, Innovation and Skills said the scale and timing of the sell-off has not been determined, and more details would be released in the summer.
Morgan Stanley was appointed to advise the UK on the sale, as revealed by Sky News' City Editor in September last year.
It comes as the Government looks to sell off a number of public assets including the Royal Mail and the Student Loan Book.
Urenco was established in 1971 by a treaty between the governments of the three countries.
It enriches uranium using gas centrifuges to provide fuel for nuclear power, and has 50 customers across 18 countries.
The company has enrichment facilities at its UK base in Capenhurst in Cheshire, as well as in the Netherlands, Germany and New Mexico.
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