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Economy 
 

Indian, US firms clinch $1.4 bn deals in IT, power, tourism & environment
New Delhi, March 23 (HT Correspondent)

Coinciding with the visit of President Bill Clinton, Indian and American companies have clinched business deals worth US $1.4 billion in information technology, power, tourism and environment.

Joint venture agreements and investment deals in these areas were signed by promoters of US and Indian companies in the presence of US Commerce Secretary William Daley, Information Technology Minister Pramod Mahajan and Power Minister Rangarajan Kumaramangalam.

Indian software major DSQ Software clinched three major deals with Bank of America, IBM and NeuVIs Inc of US for two separate joint ventures.

In the power sector, no new power projects have been announced. But, the state-owned Power Finance Corporation (PFC) has committed Rs 900 crore worth loans for three projects i.e. Balaji Power, Shree Maheshwar and Srinagar ventures.

While S. Kumars and Ogden Energy of New York signed an escrow cover agreement with Madhya Pradesh State Electricity Board, the banks and FIs are yet to approve this agreement for concluding a loan agreement. The IDBI, IFCI, State Bank of India and PFC boards will shortly meet to approve the escrow cover and loan agreements for the 400 MW, Rs 2200 crore Maheshwar Hydro power project.

The US-based Ogden Energy have entered into a partnership with Balaji Power Corporation for setting up a 106 MW greenfield power project. Another US-major Synergics Energy Development Inc has signed an agreement with PFC for arranging 25 per cent of project cost towards loans.

In the environment field, Global Market Resources Inc of US has tied up with Healing Medicaids Pvt Ltd for supply of hydroclave medical systems to relace the traditional incineration technology, reduce air pollutants and water run off effects, reduce wastes. Another United States power major, Light Stream Technologies has entered into business agreement with Subhash Projects to introduce its chemical-free, high powered pulsed ultraviolet light water disinfection technology.


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