India nuclear talks progress with US companies

US-based General Electric and Westinghouse Electric, owned by Japan's Toshiba Corp, are in advanced talks about building nuclear power plants in India, head of the Atomic Energy Commission (AEC) of India said on Thursday.

"We have been talking about this for some time and have now come to a mature level of understanding," Srikumar Banerjee, chairman of the AEC told Reuters on the sidelines of a World Nuclear Association conference in London.

Talks between the two reactor building companies and India have been made possible after India's Parliament approved a bill to open up the country's $150 billion nuclear power market, sealing legislation crucial for the entry of US firms, in late August.

"That was one point which was necessary, about having a liability legislation already in place," he said, declining to say when the deals might be concluded.

An Indian newspaper, citing unidentified sources, said in early September the two deals were expected to be formally announced when US President Barack Obama visits India in November.

Russia's Rosatom hopes to build up to 16 nuclear reactors in India, competing with French and American firms for lucrative contracts to build nuclear power plants for energy-hungry India because Asia's third-largest economy needs to boost its supply to help sustain rapid economic growth.

"We are negotiating with various countries," Banerjee told the conference.