Politics

Obama/Modi meeting shows signs of promise for US suppliers in the nuclear space

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 Westinghouseobama.

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.

 

For the full story, and access to thousands of other proprietary reports in our database, sign up for a free trial at https://www.iiicorp.com/ContactUs

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IIICorp Speaks with Indian Minister of Power

IIICorp had the opportunity to speak with Piyush Goyal, Minister of Power at last night’s Mumbai Press Club RedInk Media Awards at Nariman Point, Mumbai.

Minister Goyal has set ambitious targets, aiming to reduce carbon emissions by 30-35 percent. He provided encouraging feedback on IIICorp, particularly regarding our potential role in aiding India in meeting its emissions reduction and energy efficiency goals.

thumbnail_Piyush Goyal at RedInk Awards%2c Mumbai

At the ceremony, the minister thanked the media for bringing awareness to the fact that over 400 remote villages in India have become uninhabitable due to lack of power. The government is currently leading aggressive efforts to reestablish power in these rural areas. Measures to ensure transparency throughout this process have been implemented, engaging over 500 qualified engineers located throughout the country. Real-time data, available to the public through a mobile app and web dashboard called GARV, will be uploaded as villages become electrified.

(For more information on GARV, visit http://garv.gov.in/dashboard)