GE - Westinghouse fixes $10b for Indian N-foray

Shortly after the Indian Parliament stamped the civil nuclear deal with a thumping majority, the first share of the targeted $200 to 250 billion business vistas the country offers to overseas suppliers of nuclear plants and related services, reportedly going to four nuclear firms. The selected firms include the global power giant, the General Electric, Westinghouse, Areva and Russia’s Rosatom.

According to sources Westinghouse and General Electric will build two nuclear reactors with a combined investment of $10 billion in India. While Areva and Rosatom are already working in the Indian nuclear energy sector but General Electric and Westinghouse are the new entrants in the Indian nuclear arena. The Japanese Toshiba Corporation has majority stake in the Westinghouse and currently it enjoys the world largest installed base of operating nuclear plants. Of the total number of six nuclear power plants targeted by the government, four are currently under construction in areas including Kudankulam in Tamil Nadu, Kaiga in Karnataka, Rawatbhata in Rajasthan and Kakrapar in Gujarat.

Sources added that agreement between the two nuclear energy players has already been put in place and they are currently giving finishing touches and it would be in its firm footing before the forthcoming visit of the US president Barack Obama to India in November this year. These two companies are reportedly facing tough competition from the Russian and French firms as they are fully controlled by their respective governments and are covered by sovereign immunity in matters of nuclear liability issues but GE and Westinghouse on the other hand are still sitting on weak wicket on this score.