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DAM-L LS: India, US sign deals worth $ 6 billion (fwd)



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subject: LS: India, US sign deals worth $ 6 billion
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http://www.rediff.com/news/2000/sep/15pmus4.htm
India, US sign deals worth $ 6 billion

T V Parasuram in Washington

In a bid to boost to bilateral economic ties, India and the
US signed five commercial deals worth $ 6 billion for
projects in power, e-commerce and banking sectors
during Prime Minister Atal Bihari Vajpayee's visit.

The agreements, including a $ 900 million loan by the US
Exim Bank for purchase of US goods and services, were
signed on Thursday night in the presence of Finance
Minister Yashwant Sinha and US Commerce Secretary
Norman Y Mineta.

Agreements were signed for setting up three private
sector mega power palnts in India.

America's Southern Energy Inc will collaborate with the
Reliance and Power Trading Corporation of India for the
3800 MW Hirma independent power project in Orissa.

The project, one of the largest in the world, will supply
power to Punjab, Haryana, Madhya Pradesh, Gujarat and
Rajasthan.

CMS Energy Corp signed a joint development agreement
with the Power Trading Corporation of India Ltd for the
Ennore Liquified Natural Gas terminal and 1850
megawatt power plant in Tamil Nadu.

CMS will oversee construction of the plant while Unocal,
a co-investor, will coordinate construction of the LNG
terminal and Power Trading Corp will buy the plant's
output and sell it to Tamil Nadu, Kerala and Karnataka.

Synergies Energy Department signed a memorandum of
understanding with the Infrastructure Development
Finance Corp for funding the Shrinagar hydroelectric
power plant in Uttar Pradesh.

Indian Internet Service Provider Satyam Infoway Ltd
signed an MoU with US Business Network Inc to
establish a business-to-business e-commerce joint
venture for cross-border trade. The Exim Bank
agreement provides loan for three projects.

Under a $ 500 million memorandum of understanding
with the State Bank of India, financing will be made
available to small and medium-sized Indian businesses to
help them buy US goods and services.

Another memorandum covers a $ 150 million credit
facility, under which Bank of America would be
designated a guaranteed lender, as well as $ 150 million to
enable the Industrial Development Bank of India to act as
a guaranteed lender to support purchases of US products.

A third document will allow India's Export-Import Bank
to provide financing to Indian firms as part of a $ 500
million memorandum of understanding signed last year.

PTI

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