Westinghouse is nearing a nuclear deal with India

Westinghouse Electric Co, a Pennsylvania-based company is currently in the final stage of talks with the Indian government to build nuclear reactors to supply electricity to the country. The deal is said to be worth around $150 billion and will see most of India's nuclear plant built by the company.

The plan according to Reuters was proposed by the country's own Prime Minister Narendra Modi as it will accelerate the country's growth. The plan will reform the country to become the second-biggest nuclear energy market in the world with around 60 reactors expected to be built in strategic places around India.

Currently, the Indian government is planning to slowly become independent from non-renewable energy in accordance to their pledge to cut on greenhouse gas emission and improve the world's climate. Under this plan, India will be able to produce 63,000 megawatts of electricity from nuclear alone and with the country already owning a big hydro turbine electricity plant, it is possible for the country to reach its target.

Previously, India unable to attract lots of foreign company to develop its nuclear reactor plan as the country's law will hold the suppliers responsible for any accidents occurred at the plant according to the Bloomberg Business.

However, as the country had changed some of its regulation based on the new pact signed with the United States as reported by the Bharat Press, Westinghouse is ready to take the responsibility to transform India energy sector. According to its Chief Executive Officer, Daniel Roderick, "Recent changes made to the proposed insurance program are encouraging to us, we are in a position to go forward quickly."

However, another big problem faced by the country is to ensure its new plan for the nuclear program follow the ratification of the International Atomic Energy Agency Convention. This is especially to ensure its plan follow the Supplementary Compensation of Nuclear Damage where it will be able to shift liability to the operator.

Westinghouse which is also a unit company of Toshiba, is not alone in the nuclear deal as previously, General Electric Co and its venture partner, Hitachi was also offered a site to build nuclear reactors in India in 2009.

However, the company is still undecided on whether to go ahead with the construction or not until today as they still deemed the liability law in India is still uneven and would cost more damage to the company.

Toshiba's shares surge after news about the proposal made it into the news and its CEO is optimistic that Westinghouse will win the project.