French nuclear giant Areva arrives in India to sign deals

Executives of French nuclear power company Areva accompanied by Anne-Marie Idrac, French minister for external trade, have arrived in India to sign deals with Indian energy companies in a bid to take a part in the nuclear market in India, estimated to grow to $150 billion in the next 30 years.

Idrac refused to comment on the number of tie-ups Areva would be signing with Indian companies, but officials accompanying her said that the number was substantial.

Recently, the state-owned Nuclear Power Corporation of India (NPCI) has held talks with Areva, for the supply of third-generation 1,600 MW European Pressurised Reactors. Areva already has signed a deal with China to supply the same reactor.

In this visit, Areva will sign an accord with the state-owned Nuclear Power Corporation of India Ltd for setting up two reactors in Maharashtra. This follows the Intergovernmental Agreement between India and France on civil nuclear co-operation.

With the 34-year embargo on international nuclear trade lifted with the signing of the US-India nuclear deal on 9 October by US Secretary of State, Condoleezza Rice and foreign minister Pranab Mukherjee, (See: Indo-US nuclear deal: Signed, sealed and delivered) the country is now free to source the much-needed uranium for its reactors. 

In December Areva agreed to supply over 300 tonnes of uranium to India under an agreement signed between the two countries and high-level delegations from Britain and Canada, who had come to India last month, have also offered to supply uranium.

The visits by the British and Canadian delegations came close on the heels of a similar trip by a team of the US nuclear industry here late last month. (See: Major nuclear suppliers attracted to India)

Kazakhstan, who is known to possess the second largest uranium reserves in the world, had also signed a nuclear cooperation agreement when its president, Nursultan Nazarbayev, arrived here last month as the chief guest for the country's Republic Day celebrations.

Idrac said that France wants to see its trade to double with India from €6 billion to €12 billion this year by holding 20 trade exhibitions this year.

She said that French companies will supply equipment and solutions in energy, construction and IT and sustainable development, in order to boost the strategic trade relations between India and France.

She said that she would also talk to her Indian counterpart regarding India's concerns, which it had raised in the collapsed Doha trade talks held in Geneva last year.