India, U.S. agree terms on nuclear fuel reprocessing

MUMBAI, March 29 Mon Mar 29, 2010 11:42am EDT

MUMBAI, March 29 (Reuters) - India and the United States have agreed to terms on reprocessing spent nuclear fuel, a statement from the Indian Foreign Ministry said on Monday, perhaps bringing the two countries closer to a lucrative civil nuclear deal.

The deal would give U.S. firms a share of a market worth $150 billion, but it was delayed when the Indian government this month shelved a bill to limit nuclear firms' liability in the case of accidents.

"India and the United States have taken an important step towards implementing the civil nuclear cooperation agreement by completing negotiations on 'arrangements and procedures' for reprocessing spent nuclear fuel", the statement said.

Negotiations between the two countries began last July, it added.

India has offered to tender construction of two nuclear power plants, an opportunity worth about $10 billion, to General Electric Co (GE.N) and Westinghouse Electric Co, a subsidiary of Japan's Toshiba Corp (6502.T). (Reporting by Rina Chandran; Editing by Nick Macfie)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.