GE offers help to Japan\'s quake-hit nuclear sector

GE chief executive Jeff Immelt, in New Delhi for a meeting of top global company executives, said: "We are offering any kind of technical assistance."

"We will do whatever we can to help with their (Japan\'s) energy needs."

The conglomerate\'s "first priority is to support the government and people of Japan", he said, adding GE would donate $5 million to relief efforts.

On Saturday, an explosion at the plant north of Tokyo blasted the housing off a GE-made reactor. A second explosion hit the plant Monday.

However, Immelt noted the protective casing surrounding the reactors "has not been breached" -- vital to preventing an even worse disaster.

Immelt said it was "too premature to say" what the impact of the damage to Japan\'s nuclear facilities from Friday\'s devastating earthquake might be on the atomic sector globally.

"A lot has yet to be understood," he said. "It is all happening real time."

Analysts say Japan\'s battle to avert a nuclear disaster could freeze demand for new atomic plants worldwide, putting an end to the industry\'s hopes of a nuclear power renaissance as an alternative to fossil-fuel burning plants.

"We must let events take their course," Immelt said, but noted the sector has a half-century track record that "people can look back on and make their own judgements."

GE, a diverse industrial group with interests in energy, aviation and healthcare, has been one of the companies eyeing energy-hungry India\'s nuclear market, projected to grow 13-fold by 2032.

The company is already a long-term Indian player in healthcare, financial services and aviation. But Immelt said GE wants India\'s nuclear accident liability rules to conform to global norms before it makes any move.

Indian legislation allows nuclear power plant operators to pursue suppliers of equipment for 80 years after the construction of any plant in the event of an accident.

This goes against the global practice of placing liability on operators, shielding suppliers against massive legal suits.

Immelt added GE plans to invest $50 million in building a "multi-business" plant in India as part of its drive to boost local production.

He said he was bullish on India -- a welcome vote of confidence for Indian authorities after foreign direct investment slumped last year by over a fifth from a year earlier to $21 billion, according to government data.

"India is a strategic region for us. We see lots of tailwinds for the products and services that GE offers," Immelt added.

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