Japan based company Toshiba is now planning to sell some of its controlling stake in the nuclear power unit Westinghouse Electric. The company plans to form an alliance to tap the demand in emerging markets.
The engineering giant hold about 67% of Westinghouse and it would sell as much as 16% of the US firm to buyers with a foothold in nations eager to build nuclear plants. The company has decided to sell after the demand in post Fukushima Japan fell.
Atsushi Ido, the Toshiba spokesperson said, “While keeping our stake at more than 50%, we are considering selling the rest to a potential partner”. The plan of Toshiba was a part of the strategy which was aimed at building an alliance with multiple partners help tap China as well as other erging nations .
After the March 11, 2012 disaster in Japan, the demand for the new reactors vanished. Due to last year’s disaster, the reactors at the Fukushima plant crippled as the cooling system shut down. The reactors went in to melt down and resulted in the worst nuclear crisis in a generation. After the major nuclear crisis, Japan switched off its stable 50 reactors. And since then it has only restarted two reactors which sparked huge protests.
