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Britain’s Lloyd's Register, well known for its maritime interests, is reportedly close to signing a nuclear agreement with India.
Lloyd's Register CEO Richard Sadler is currently in India to look for new business. Sadler told journalists that Lloyd's Register is a major advocate of nuclear power in shipping, commenting, "It will be the way forward and a safe way," The Asian Age reported.
Lloyd's Register is now involved with 30,000 megawatts of power projects in India as they inspect the manufacturing end of the supply chain to help ensure a consistent and reliable energy flow.
According to Sadler, Lloyd's Register’s non-maritime activities are now worth close to half of its total annual global turnover of $1.33 billion.
Sadler noted that Lloyd's Register have substantial business interests in China and could consequently help Indian power companies develop their supply chain, as there have been numerous complaints about cheap Chinese power equipment supplied to India causing problems and requiring expensive high maintenance.
Sadler added that Lloyd's Register is also interested in possible Indian defense contracting, commenting, "The Indian Navy is part of the Commonwealth navies and we see an opportunity in defense. We are already working with (India's engineering major, Larsen & Toubro Ltd.) L&T who have a defense contract with the Indian Navy."
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com