New Delhi: The US administration has told India that Westinghouse Electric Co. will emerge from bankruptcy and be sold by the year end, industry and diplomatic sources have said, raising the prospect of a Washington-supported sale or bailout for the nuclear firm. The two leaders “looked forward to conclusion of contractual agreements between Westinghouse Electric Company and the Nuclear Power Corporation of India for six nuclear reactors in India and also related project financing,” the communique said. Toshiba said it wasn’t in a position to predict when Westinghouse would emerge from Chapter 11. Ahead of Modi’s visit, a US official had said the United States was “looking forward to US-built nuclear reactors contributing to India’s energy security”. Roy, head of L&T’s nuclear business, who confirmed L&T had been approached by Westinghouse about being the general contractor.

Source: Mint July 03, 2017 03:45 UTC