Two of the major nuclear firms, India is dealing with, have run into financial crisis. As India looks forward to increase its share of nuclear energy in total power generation, the wavering financial condition of the firms raises some serious questions. India has arrangements with both firms. For long a pariah in the global nuclear technology market, Indian policymakers are pleasantly discovering how the boot is on the other foot as they are furiously courted by foreign firms themselves facing financial ruin. American nuclear giant Westinghouse, which is in talks with the Indian government on a proposed project in Andhra Pradesh, filed for bankruptcy earlier this month. A year ago, the French energy major Areva, which has offered to build reactors at a Maharashtra site, began a process of major restructuring following huge losses. Westinghouse is proposing to build six reactors of 1,000 MW capacity each at Kovvada in coastal Andhra Pradesh. The government has indicated this site in place of the originally proposed Mithi Virdi in Gujarat, where the local population protested against plans to erect a nuclear plant in their area. “The inevitable fallout of Westinghouse being in a financially weak position will be delay in completing the project and resulting cost over-runs. In this scenario, our government is looking to bail out American companies… to create jobs in the US,” he said.
India Today 16th April 2017 read more »