The bankruptcy filing at Westinghouse Nuclear threatened to scuttle the multi-billion-dollar reactor deal made by former U.S. President Barack Obama and India’s Prime Minister Modi during the Washington summit last June, , Westinghouse CEO Jose Gutierrez was in India for talks with state-run National Power Corp of India Ltd and the Department of Atomic Energy that reports to Prime Minister Narendra Modi.
India’s Larsen & Toubro, a potential partner that has signed a memorandum of understanding with Westinghouse to supply nuclear plant elements and do civil works, still views the India project as viable.”As long as the guarantees are in place, I see no reason why this won’t go ahead,” Shailendra Roy, head of L&T’s power business, told Reuters,.
The Export-Import Bank of the U.S. however, has lacked a quorum on its board of directors, preventing it from issuing loans over $10 million, and this may also slow down the financing of any deal.
March 21, 2017 No Comments
Distinguished scientist S. K. Sharma has been appointed as Chairman and Managing Director of Nuclear Power Corporation of India Limited (NPCIL) for a five year term. On assuming charge, Sharma said that safety in all aspects of the nuclear power plants in India will continue to be his highest priority.
Sharma held several high level positions in Indian nuclear power stations, including that of site director at Rawatbhata in the north-western state of Rajasthan, before assuming the position of Director (Operations) in 2015, according to a statement issued by NPCIL. At the World Association of Nuclear Operators – Tokyo Center, Sharma worked with an international team of nuclear experts for improving the safety and reliability of nuclear power stations across the world, reports Economic Times.
June 20, 2016 No Comments
At a meeting at the White House between President Obama and Prime Minister Modi of India it was announced that Pennsylvania-based Westinghouse Electric Corporation and the Nuclear Power Corporation of India Ltd., will begin engineering and site design work immediately for six AP1000 reactors in India which will be operational by 2030. Contractual arrangements will be completed by June 2017.
According to Reuters, Westinghouse Electrics six AP-1000 reactors will now be located on a 2000 acre plot of land in Kovvada in the southeastern state of Andhra Pradesh. Ajay Jain, energy secretary of Andhra Pradesh, told Reuters that the purchase will close this year, and that “construction can begin in 2017.”
These reactors will bring clean energy to India and generate thousands of jobs in the U.S., Brian Deese, Senior Advisor to the U.S. President, told reporters in a conference call. Once completed, the project will be among the largest of its kind, and will meet India’s growing energy needs while reducing reliance on fossil fuels.
Both leaders noted the intention of India and the U.S. Export-Import Bank to work together toward a competitive financing package for the project, reports Economic Times.
June 13, 2016 No Comments
During Prime Minister Modi’s recent visit to the U.S. to address the joint meeting of members of Congress, several U.S. businesses announced investments into the Indian market, reports Huffington Post.
Star India, a subsidiary of 21st Century Fox, announced it will invest an additional $5 billion in the country over the next three years. “We see huge potential in the Indian market and have been one of the largest foreign investors in India and the largest in the media and entertainment sector,” said Uday Shankar, chairman and CEO of Star India.
Amazon announced an additional $3 billion in India, taking its total investment commitment to $5 billion. “Our Amazon India team is surpassing even our most ambitious planned milestones,” Jeff Bezos, Amazon CEO and Founder, said in a statement. The company plans to launch a “web services Cloud Region” in India. Its development center in Hyderabad will become its largest software engineering and development facility outside of the U.S.
California-based SunLink said it will partner with Indian companies to deploy up to 1.4 gigawatts of solar power over the next five years.
Westinghouse Electric Co., and Nuclear Power Corporation of India have agreed to start engineering and site design work for six nuclear power plant reactors in India, and conclude contractual arrangements by June 2017, the White House noted. India and the U.S. Export-Import Bank are expected to jointly finance the project.
June 13, 2016 No Comments
According to Business Standard Toshiba Corporation’s Westinghouse Electric hopes to clinch a deal to build six nuclear reactors in India by end-March, CEO Daniel Roderick said, in time for a possible visit by Prime Minister Narendra Modi to Washington to attend a global nuclear summit. A Westinghouse team was already in India to negotiate the deal, Roderick noted.
The proposed power plant in the western state of Gujarat will speed up India’s plans to build roughly 60 reactors and would give a boost to India’s $150-billion nuclear power program.
The ratification of the International Atomic Energy Agency‘s Convention on Supplementary Compensation for Nuclear Damage is expected within weeks, an Indian government official said.
India has launched an insurance pool with a liability cap of about $222 million to assuage suppliers’ concerns, after a 2010 law gave the state-run operator Nuclear Power Corporation of India Ltd., the right to seek damages from them in the event of an accident.
“We need to see the details of the insurance company and how the insurance will work at a level beyond what we have seen so far,” Roderick said in an interview. “And that needs to happen in the next 30 to 45 days.”
Roderick also remarked that if the GE-Hitachi deal did not eventually go through, Westinghouse would rather the Indian government gave it the site than to “Russia or somebody else”.
January 30, 2016 No Comments