Obama, Modi welcome work on nuclear reactors in India

WASHINGTON: US President Barack Obama and Indian Prime Minister Narendra Modi on Tuesday welcomed the start of preparatory work on six nuclear reactors in India, a key step in closing the first deal stemming from a US-India civil nuclear accord struck over a decade ago.

The two leaders said in a joint statement that India and the US Export-Import Bank intend to work together toward a competitive financing package for the project and will work to finalize contractual agreements by June 2017.

"Once completed, the project would be among the largest of its kind, fulfilling the promise of the US-India civil nuclear agreement and demonstrating a shared commitment to meet India´s growing energy needs while reducing reliance on fossil fuels," the joint statement said.

The Indian premier is in the United States on a two-day official visit. He is also meeting with US business leaders and members of the Indian-American community and hopes to confirm a number of deals.

"We will seek to build upon the progress achieved in providing new vigor and momentum to our strategic partnership in diverse areas," Modi said in a statement released by the Indian government, the NDTV reported.

This was the seventh meeting of the Indian PM and US President Obama. Modi will become the fifth Indian PM to address the US Congress.