Monday, 4 August 2008

Areva plans big play in India's nuclear power sector

MUMBAI : After IAEA unanimously cleared India-specific safeguards agreement, World's largest nuclear power firm, Areva NP of France said it was gearing up to enter India's nuclear power sector in a big way and plans to float a separate subsidiary for it.

Areva has two separate companies-one for nuclear power generation, Areva NP and another for transmission and distribution, Areva T&D.

Areva NP is a joint venture between Areva and Siemens. and holds 66 per cent stake in the venture.

"We are world's largest player in the nuclear power sector and to remain as number one firm, we cannot afford to neglect India," Areva T&D's Global Chief Financial Officer Karim Vissandjee told PTI here.

With the approval from the International Atomic Energy Agency (IAEA) for the nuclear safeguard agreement, India is steadily marching forward to sealing the civilian nuclear deal with the US. The deal is now two hurdles behind.

First, it has to be cleared by the 45-member Nuclear Suppliers Group (NSG) and then ratified by the US Congress.

"We are very active behind the scene. Areva will play a significant role in Indian nuclear power sector" Vissandjee said.

"If we enter into the nuclear power sector, it will be done through a separate subsidiary. We are waiting for the final guidelines from the Indian Government" he said.

Thanks: ET

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