Nuclear energy market: India clears deck for foreign companies, ratifies convention

New Delhi: India has finally cleared the deck for foreign companies to invest in its potentially vast nuclear energy market by ratifying an international convention on nuclear energy accident liability.

On Thursday, the External Affairs Ministry said it had submitted the document to ratify the Convention of Supplementary Compensation for Nuclear Damage, which seeks to establish a uniform global legal regime for the compensation of victims in the event of a nuclear accident.

"This marks a conclusive step in the addressing of issues related to civil nuclear liability in India," the External Affairs Ministry said after Ambassador and permanent representative of India to the United Nations (Vienna), Rajiva Misra, handed over the Instrument of Ratification to acting director general of IAEA Juan Carlos Lentijo.

Accordig to reports, India plans to construct about 60 nuclear reactors and has been in talks with Westinghouse Electric Co LLC, GE as well as France's Areva for setting them up at sites already selected around the country.

News24 Bureau