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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: US nuclear business delegation visits India By ERIKA KINETZ,AP Business Writer AP - Saturday, January 17 MUMBAI, India - The first U.S. nuclear business delegation to visit India since the two nations sealed a historic nuclear trade agreement concluded its five-day visit Friday. Though there was much bonhomie and one preliminary deal, many hurdles remain before U.S. companies can cash in on India's nuclear promise. U.S. electronics giant Westinghouse and Indian construction firm Larsen & Toubro said Friday they had signed a memorandum of understanding to set up a joint venture to build nuclear reactors in India. But before that can happen, a slew of legal and regulatory changes need to be made. "There are significant challenges still in the policy arena that need to be dealt with," said Westinghouse Vice President Meena Mutyala. India still has to sign a safeguards agreement with the U.N. nuclear watchdog agency, and the law that would give private nuclear companies better liability protection _ which U.S. firms need before they can start building reactors in India _ is still wending its way through the Indian government. In addition, the United States has not finalized its nuclear information-sharing agreement with India. Companies in the U.S. and India are also eager for the government to open its state-run nuclear sector to deeper private-sector participation, which requires a change in India's Atomic Energy Act. By 2030, energy-starved India hopes to increase its nuclear capacity 15-fold, to 63,000 megawatts, at an estimated cost of $80 billion. In the near term, India plans to award contracts to companies from the U.S., France, and Russia _ all of which signed intergovernmental nuclear agreements with India after the Nuclear Suppliers Group's historic September waiver allowed nuclear trade with India even though it has not signed global nonproliferation treaties. The plan is for contracts to go to Westinghouse, GE Hitachi, France's Areva group, and Russia's Atomstroyexport, said S. Thakur, executive director of corporate planning at the state-run Nuclear Power Corp. of India. India has a pressing need for uranium to fuel its nuclear program, and top suppliers joined the delegation, which brought together over 50 executives from more than 30 companies, on its rounds of meetings with leading government and corporate officials. Scott Melbye, president of Canada's Cameco, the world's largest uranium producer, said if India realizes its expansion goals, it will have one of the largest nuclear programs in the world, creating "enormous" potential for uranium mining companies. "We're ready and eager to enter into supply agreements," he said, adding that he has had "serious discussions" with Nuclear Power Corp. officials. "I have no doubt we'll be in a position to conclude something with NPC very soon," he said. Thorium Power Ltd., a fuel supply and consulting company based in Virginia, hopes to finalize its joint venture with Punj Lloyd Ltd., an Indian engineering and construction firm, by the end of March. "We're interested in India. They're interested in nuclear," said Thorium Vice President Dennis Hays. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business US slaps sanctions on son of Osama bin LadenAP - 2 hours 16 minutes ago Circuit City will begin liquidation on SaturdayReuters - 2 hours 20 minutes ago Circuit City to liquidate remaining US storesAP - 2 hours 25 minutes ago Ukraine leader contradicts own PM on gas talksReuters - 2 hours 45 minutes ago WRAPUP 8-Putin says Moscow nearing deal to supply gasReuters - 2 hours 48 minutes ago Most Popular – Business Viewed Hormone drives sexy women to infidelity, says study Michelle Obama's ball gown has fashionistas abuzz Israel hammers Gaza as Hamas offers conditional truce Microsoft considering 'significant' job cuts: WSJ JPMorgan chief says worst of the crisis still to come: FT View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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