Obama, Modi welcome work on nuclear reactors in India

WASHINGTON (Reuters) - U.S. 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 U.S.-India civil nuclear accord struck over a decade ago.

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

"Once completed, the project would be among the largest of its kind, fulfilling the promise of the U.S.-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.

(Reporting by Valerie Volcovici; Editing by Bernard Orr)