India is to build two more 1,000 mw nuclear power units at Kudankulam in Tamil Nadu with the Russian offer of about Rs 40,000 crore. The Cabinet Committee on Security has also cleared the decks for building the two new nuclear power units. The decision came right after the Department of Atomic Energy informed the government that the first reactor in Kudankulam would go critical this month.
A Russian negotiating team was in Mumbai in the first week of April, discussing the final offer with the Nuclear Power Corporation of India (NPCI). The hope is that an acceptable price band can be identified within the confines of the existing offer, which entails a 70-30 debt-equity ratio. While NPCIL will provide equity of about Rs 12,288 crore, the remaining amount of Rs 27, 640 crore would be met via Russian state credit of Rs 18,132 crore and market borrowing of Rs 9,508 crore.
The matter was discussed at the highest levels between Prime Minister Manmohan Singh and Russian President Vladimir Putin at Durban recently. Sources said that Russia has now conveyed that it would like to renegotiate the techno-commercial offer after India made it clear that the new civil nuclear liability law will apply to these reactors.
There was confusion on this after the CCS clearance too, because India was under the impression that it was approving a Russian quote that came well after India's stand on the liability law had been conveyed. The Russian side gave this revised offer after the previous one lapsed last November.
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