The New Year has brought a fresh ray of hope in India’s nuclear energy sector, with Westinghouse, the bankrupt energy company being sold to a Canadian investment major, Brookfield Business Partners this week. Westinghouse is supposed to build six of its AP-1000 nuclear reactors in India, a project that had been delayed after the company filed for bankruptcy earlier in 2017.
The $4.6 billion acquisition is expected to get the beleaguered US-Japanese company out of hot water. Toshiba, the owner of Westinghouse had been looking to sell the nuclear business after it filed for bankruptcy.
Westinghouse had, in its discussions with the Indian government, assured that it would continue to work on the six reactors which are expected to come up in Kovvada, Andhra Pradesh. KM Rajan, former India representative of Westinghouse, told a nuclear energy conclave recently, “we expect to be out of bankruptcy Chapter 11 process sometime in early next year. We will be out of that, so it will not have any impact (on the nuclear project in India).” Read More…
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