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Indo-US Corporate News R-Power gets $80-mn export financing nod from US Exim Bank The Export-Import Bank of the US has approved a USD 80.32 million (over Rs. 400 crore) direct loan for Anil Ambani-led Reliance Group firm R-Power's purchase of solar power technology from American companies. The technology would be purchased from companies in eight states of the US and would be used for R- Power (Reliance Power) solar energy project in Rajasthan, India. The Exim Bank said that its board has approved the loan for this project, named Rajasthan Sun Technique Energy Private Limited -- a subsidiary of R-Power and being co-financed by Asian Development Bank and Dutch development bank. The US companies involved in the transaction include AREVA Solar Inc., EI DuPont de Nemours and Co, Clifford Chance Rogers Wells LLP, 3M Company, Sika Corp, CCI Corp, CertainTeed Corp, Huck International Inc. and Weed Instrument Company Inc. R-Power recently commissioned the country's largest solar project, with a capacity of 40 MW, in Rajasthan and plans to add another 100 megawatt capacity in the next one year. After commissioning of the plant, group chairman Anil Ambani had said that R-Power plans to invest more than Rs. 6,000 crore for solar projects in Rajasthan in two years. R-Power is looking at doubling the capacity to 300 MW in the next 24 months, entailing an investment of more than Rs. 6,000 crore. The 40 megawatt plant has been set up at an investment of about Rs. 700 crore."R-Power's vision is to become India's largest green power company and the commissioning of this solar project is the first major step in that direction," Ambani said. Commenting on the latest Exim Bank loan, it’s Chairman and President Fred Hochberg said: "This transaction will give renewable energy US exporters a larger footprint in India, and it will help them be competitive against the German and Chinese companies in this field." "We are excited to be at the forefront of financing this innovative technology and meeting the demands in India for cutting-edge, American-made solar equipment," he added. The loan would help support jobs at the US companies, Exim Bank noted. Areva Solar CEO Bill Gallo said the Ex-Im Bank loan is an important component in helping US companies and its subcontractors compete for and execute solar energy projects in a competitive global market while creating American jobs and economic growth. R-Power CEO J. P. Chalsani said this is the second loan approval by Ex-Im Bank in the company's renewable energy initiative. Click here for index L&T delivers $40-mn nuclear equipment to US Larsen and Toubro (L&T) has started the delivery of $40 million (approximately Rs 200 crore) worth of equipment used in nuclear reactors to the US, according to MV Kotwal, member of the board and president (heavy engineering), L&T.“The order size now seems small but there will be continuous requirement for the equipment that we have exported to the US,” he told.
L&T’s disclosure on the nuclear equipment supplies to the US has also marked the first indigenous development and delivery of heat exchanger tubes for steam generators used in nuclear power reactors by the Hyderabad-based Nuclear Fuel Complex (NFC), a unit of the department of atomic energy. NFC is the fourth company in the world to produce these alloy tubes (or U tubes), which have very stringent technical requirements covering chemical and mechanical properties, ultrasonic testing, according to NFC officials. L&T had placed Rs. 45 crore worth of orders with NFC to develop and supply these heat exchangers for the nuclear reactors being built for the Nuclear Power Corporation of India (NPCIL) instead of importing the same. The decision for indigenous development of this important component of the steam generator came after the NPCIL was told by the foreign suppliers that the time of delivery and price of the tubes will be decided by them, according to SK Jain, chairman and managing director of NPCIL. “I recently said that India is going to become a global hub of nuclear reactor technology and the day has already come,” Jain said referring to L&T's equipment supplies to the US. According to Kotwal, L&T has also received orders for supply of nuclear reactor equipment from Europe as well. Kotwal said that the Rs. 1,700-crore joint venture facility, being set up by L&T and NPCIL with a 74; 26 per cent equity holding at Hazira for manufacturing outer shells of steam generators and other equipment apart from heavy forgings, had started operations. The Phase-I will see the facility handling 300 tons of forgings, which will be scaled to a 600-tonne capacity in Phase-II, according to him. Meanwhile, responding to a question, Jain said that NPCIL was working round-the-clock to commission the Kudankulam nuclear plant at the earliest possible. NPCIL had achieved 40 per cent growth in energy generation this year to 32,000 million units (mu) as compared to 26,000 mu last year, while revenues from the sale of power had gone up to Rs 8,000 crore from Rs. 5,000 crore last year, he said. Availability of uranium, the fuel used for nuclear energy generation, will be up by 25 per cent with the mining operations recently launched at Tummalapalle uranium mines in Andhra Pradesh, according to him. Click here for index GM to utilize Indian diesel facility globally Driven by the robust demand for diesel vehicles in the Indian market, the US-based auto major, General Motors, is working on developing diesel engines for the range of vehicles lined up for launch in the country. The capability for which will then find its way to other diesel-intensive markets globally. The company, which has already introduced a diesel version of small car Beat in mid-2011, is looking at introducing diesel variants of premium hatchback Sail and the new multi-purpose vehicle later in the year. The diesel engine technology for these vehicles has been developed by the car maker in India, and will later be made available to markets in North and South Africa to begin with. Lowell Paddock, president and managing director, General Motors India, said, “The diesel development carried out on our future Sail and MPV programmes will certainly support entry into markets outside India where consumers have a strong preference for diesel engines.” Though no destinations have been finalized for exporting diesel technology from India, company executives indicated that markets in North and South Africa would be considered initially. While the company does not have any plans to
Page 1 and 2: IACC Newsletter Issue 4 April & May
Page 3 and 4: Dunkin' Donuts to introduce savory
Page 5 and 6: U.S. tech groups alarmed by India p
Page 7 and 8: President’s Message The increased
Page 9 and 10: Happenings at IACC West India Counc
Page 11 and 12: IACC - WIC organized its first brea
Page 13 and 14: financing companies to play a more
Page 15 and 16: Dr. L. S. Kanodia shaking hands wit
Page 17 and 18: North India Council Networking lunc
Page 19 and 20: Luncheon meeting with the US Commer
Page 21 and 22: Mr. Randeep Singh Surjewala, Hon’
Page 23 and 24: Andhra Pradesh Branch IACC-AP Branc
Page 25 and 26: Tamil Nadu Branch Seminar on “Ind
Page 27 and 28: IACC WBC Panel Discussion on “Re-
Page 29 and 30: Special Reports Special Reports Ind
Page 31 and 32: Chaudhry, who started his career wi
Page 33 and 34: Do you think private firms could pl
Page 35: Emerson plans to focus on three gro
Page 39 and 40: In solar energy, the consortium's r
Page 41 and 42: its premium hatchback Focus in the
Page 43 and 44: "We remain excited about the Mumbai
Page 45 and 46: membership as an employment conditi
Page 47 and 48: Approved by the Drug Controller Gen
Page 49 and 50: “This facility, our fourth manufa
Page 51 and 52: solution leverages IBM’s Intellig
Page 53 and 54: Air India board OKs $195 million br
Page 55 and 56: could hold the key in developing ro
Page 57 and 58: Hero Cycles supplies 10 models of H
Page 59 and 60: Milind Barve, managing director of
Page 61 and 62: would want this to be significantly
Page 63 and 64: conferencing and telepresence servi
Page 65 and 66: In 2010, Sahara failed to acquire t
Page 67 and 68: Speaking on the occasion, Senator J
Page 69 and 70: Sharan Lillaney, an analyst with An
Page 71 and 72: US investments in India P&G to buil
Page 73 and 74: There is potentially a big market f
Page 75 and 76: of growth and progress," said Sanje
Page 77 and 78: IFC, which is an existing investor
Page 79 and 80: Retirement System is another invest
Page 81 and 82: Raju was in the limelight in 1999 w
Page 83 and 84: Their discussion also included the
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US seeks answers on home sourcing o
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There is a need to innovate newer m
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domestic electronic products in a m
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It also sought permanent exemption
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the Virginia Commonwealth Universit
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The companies denied the allegation
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Military ties with India growing: U
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India has also moved the WTO agains
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Noting that as a result of increase
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“Our policies are transparent …
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He noted that "a tremendous transfo
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it is a win-win situation for both
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Indo-US Trade Statistics 2011: U.S.
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International Trade shows US Depart
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MINExpo International 2012 9/24/201
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Garfab-TX Surat 01 June 2012- 03 Ju
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Gem Fair 22 June 2012- 24 June 2012
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India Auto Expo 12 July 2012- 15 Ju
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Garfab Ahmedabad 04 August 2012- 06
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CONNEX India 12 September 2012- 15
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Major Trade shows in U.S.A Event Na
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Neocon World Trade Fair 11-JUN-12 t
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HBA Global Expo 19-JUN-12 to 21-JUN
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Swimshow 21-JUL-12 to 24-JUL-12 Pro
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