Tuesday’s meeting between Indian Prime Minister Narendra Modi and President Obama resulted in milestone agreements on climate change, nuclear power and national security. US and Japanese energy equipment suppliers have been lobbying Modi’s government for reform in the sector, and are undoubtedly optimistic following the outcome of this week’s meeting between the two heads of states. Amendments to India’s nuclear power laws would represent a big win for various US equipment/tech suppliers in the nuclear space, including Curtiss-Wright and Westinghouse.
ICorp published a story prior to Tuesday’s meeting, indicating these two major players’ current dealings within the region and the potential for major opportunities in the Indian energy sector:
Curtiss-Wright Corporation is slated to win pump supply deals in India worth more than USD 300m once Westinghouse Electric Corporation finalizes negotiations to build six AP1000 nuclear reactors across the country.
Westinghouse is a subsidiary of Toshiba Corporation. In March, the Pittsburgh, Pennsylvania-based company’s CEO told Reuters he expects to sign a deal in June to build six AP1000 nuclear reactors across India.
However, it remains unclear as to whether Westinghouse will land the reactor supply deals as early as June. The company and its suppliers are hesitant to do business in India because the country passed a law in 2010 that might render equipment suppliers accountable for nuclear power plant accidents, not just the facilities’ operators. The law would have to be altered or nixed altogether before Westinghouse is likely to do business in the country, according to Curtiss-Wright director of investor relations Jim Ryan.
“That law is the reason why India has built less nuclear facilities than China,” he said.
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