India is all set to revive its $20bn nuclear plant deal with bankrupt American nuclear energy developer Westinghouse.
The American company was to build six nuclear reactors in the southern Indian state of Andhra Pradesh at Kovvada, according to the original deal.
As per several media reports, Westinghouse will move into a design and consultation role to provide technology for the nuclear reactors, while their construction will be handled by an Indian partner.
Westinghouse which is a subsidiary of Japan-based Toshiba had declared bankruptcy in March.
Sources familiar with the development told The Times of India: "A new business model is being worked out and things are being renegotiated.
"Westinghouse is getting out of construction business, and they will design the reactors and provide consultation. The construction will be done by Indian companies."
A deal in this regard is likely to be forged by next year after all the renegotiations are done successfully between all the parties involved.
Westinghouse had carried out commercial negotiations regarding the construction of the nuclear reactors with Nuclear Power Corporation of India (NPCIL).
In 2015, Indian Prime Minister Narendra Modi and the then US Prime Minister Barack Obama said in a joint statement that both parties intend to finalize the supply contracts for the nuclear reactors by June 2017. However, with Westinghouse going bankrupt in March , the Indian side was hesitant in moving forward with the deal.
After the recent Modi-Trump meeting in the US, the White House released a statement which read: "The United States and India are committed to realising commercial civil nuclear cooperation, in particular through a contract for six Westinghouse Electric AP-1000 nuclear reactors to be built in Andhra Pradesh.”
Financing of the nuclear project is expected to come from the US Exim Bank. The project which involves commissioning of six AP-1000 atomic reactors of 1.2GW capacity each was proposed under the Indo-US nuclear cooperation agreement in 2008.
Image: India will rework with Westinghouse on nuclear reactors deal. Photo: courtesy of Maxim Weise/Freedigitalphotos.net.