Turboatom Resolves Indian Nuclear Generator Incident

According to a Turboatom (TATM: BUY) press release issued yesterday, the company successfully completed negotiations with the Indian Nuclear Power Corporation to resolve the issues surrounding an equipment malfunction at the Kaiga nuclear power plant in September. As part of the agreements signed, the Indian side will pay for the repairs; a contract for equipment repair will be signed by December 15. No financial or other claims were brought against Turboatom. Inna Perepelytsya: The incident involved turbine and generator equipment supplied by subcontractor, Elektrotyazmash, a Ukrainian state company. As we expected when the event initially occurred, the Indians did not seek claims against Elektrotyazmash or Turboatom, a general contractor on the project. All our financial forecasts and target remain intact.