Online Trading India

Mutual Funds

Share Market
Credit Card

Modi Trump Meet: This Is the Outcome about Nuclear Reactor Deal

Although the contours of a project between the bankrupt Westinghouse Electric Company and National Power Corporation of India (NPCIL) to build six nuclear reactors could change, the venture is safe, according to sources familiar with the development. They added a “new business model” was being worked out under which Westinghouse would provide the design for the six reactors, which would then be built by the Indian partner.

The deal, which is critical to India’s plans to ramp up nuclear capacity by three times over 10 years, is understood to have been discussed by officials of the US and Indian governments during Prime Minister Narendra Modi’s recent visit to the US.

The multi-billion dollar deal had been initiated by the Prime Minister and US President Barack Obama when the two had met in Washington in June 2016; the formalities were to have been completed by mid-2017.

In March this year, Westinghouse filed for bankruptcy even as the company’s parent , Japan’s Toshiba, grappled with losses resulting from Westinghouse’s troubled nuclear projects in the south of America. India is hoping to treble nuclear power capacity over a period of 10 years, from the prevailing capacity of 4,780 MW in July 2014.

According to a reply provided in Parliament, with the commencement of the commercial operation of the Kudankulam Nuclear Power Project’s (KNPP) Unit-1 (1,000 MW) in December 2014, the installed nuclear power capacity in the country reached 5,780 MW.

(Visited 63 times, 1 visits today)