The United States administration reportedly informed India that the Westinghouse Electric Co will emerge from the insolvency and will be sold by the year end.
As per Reuters Report, India’s foreign secretary, Subrahmanyam Jaishankar referring to an exit from bankruptcy said, “We were told that, by the end of the year, Westinghouse would really rework its situation and really be back in business.” While the White house declined to comment, this statement raised the prospect of a Washington-supported sale or bailout for the nuclear firm.
The report also sited various resources who affirmed that the statement was backed by U.S. guidance that Westinghouse would be sold to a U.S. investor after emerging from Chapter 11 proceedings, in turn paving the way to close the reactor deal in 2018.
Despite the speculations that Kovvada nuclear reactors in Srikakulam of Andhra Pradesh will not find place in the Trump-Modi Meet, the joint statement issued by Prime Minister Narendra Modi and President Donald Trump last week said that they ‘would 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.’
Both the democracies will apparently conclude the contract once Westinghouse wraps up the bankruptcy by year end.
