A Toshiba spokeswoman said the company could not comment on issues discussed at its board meetings.
"So both Westinghouse and a new potential customer like NPCIL in India will have to be very careful in their financial negotiations in order to ensure that Westinghouse does not back out of its legal and financial obligations if it hits a road bump as it has in its four nuclear power plants under construction in the USA and China, with all four plants having exceeded their original cost and schedule commitments", Sazawal told PTI.
On Wednesday, Westinghouse Electric Company, a subsidiary of Japanese company Toshiba, filed for Chapter 11 bankruptcy protection.
Toshiba has said it will take a write-down on more than $6 billion over the Westinghouse cost overruns.
There are only a handful of nuclear construction contractors worldwide, and many are state-owned firms.
The company, owned by Japanese industrial giant Toshiba announced the bankruptcy following massive losses incurred in several nuclear projects in the US.
In a February presentation, it said that it might include abandoning the project. An entire extra building was erected to do the welding because there was so much of it, according to one person familiar with the construction.
A Westinghouse bankruptcy is a "concern" for the administration of U.S. President Donald Trump, which is in touch with the Japanese government on the matter, an administration official said Tuesday.
Putin says Russian Federation never interfered in USA elections: 'Read my lips, no'
How they can they work otherwise? The Russian president said they were "detrimental" to the USA and European economies. Trump says he and Putin have never met, but both leaders have repeatedly said they are open to doing so.
"There is a reason Westinghouse is exiting the process and bankrupt".
Beyond the US, WEC operates a number of nuclear plants in Europe, however, these are likely to be unaffected by the bankruptcy due to emergency funds Toshiba has managed to raise.
The direct effect on the Vogtle and Summer plants remains unclear, but the MIT Technology Review noted a bankruptcy could thwart new nuclear construction in the USA, since the company is a chief builder of new plants.
Even after the March 2011 meltdowns at the Fukushima Dai-ichi nuclear power plant in Japan, as well as an accounting scandal in 2015 and subsequent restructuring measures, Toshiba continued to see the nuclear business as the core of its rebuilding strategy.
The approval is necessary before the reactor can be used at NuGen's Moorside new nuclear project in north west England, which could generate around 7 percent of Britain's electricity.
Toshiba said on Wednesday that Westinghouse-related liablities totalled $US9.8 billion ($A12.8 billion) as of December.
Toshiba reiterated its view that at the root of the problem was the acquisition of USA nuclear construction company CB&I Stone and Webster. To cover upcoming losses, it has put its prized memory chip unit up for sale.
Comments