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dam-l Ogden Signs Agreements on Maheshwar
Source: Govt. of India Press Releases, March 23, 2000
INDO-US POWER AGREEMENTS SIGNED
Minister of Power, Shri P.R. Kumaramanglam, has stressed that our
objective should be to enable power utilities to meet their viability so
that they pay for the power they buy from private investors and also
meet the requirements in a cost effective and efficient manner. Shri
Kumaramanglam was speaking at a function where several important
business documents were signed between US companies and Indian partners.
Shri Kumaramanglam further stated that use of modern technology should
not only be efficient but also environment friendly. The Minister
congratulated the various companies, which signed agreements today. Shri
Pramod Mahajan, Minister for parliamentary Affairs and Information
Technology, Smt. Jayawanti Mehta, Minister of State for Power and Mr.
William F. Daley, US Secretary of Commerce were also present on the
occasion.
The Agreements signed today included Duncans North Hydro Power
Corporation (a subsidiary of Synergics Energy Development Inc. USA) and
PFC for development of 330 MW Srinagar Hydroelectric Power Project in
Uttar Pradesh, Ogden Energy, USA and Balaji Group, India for 106 MW
Samayanallur Power Project in Tamil Nadu and Ogden Energy, USA, Madhya
Pradesh Electricity Board and S. Kumars for 400 MW Maheshwar
Hydro-electric Power Project in Madhya Pradesh.
The Private power projects which have been commissioned with the
assistance of US based promoters are 216 MW Jegurupadu CCGT in Andhra
Pradesh, 208 MW Godavari CCGT in Andhra Pradesh, 740 MW Dabhol CCGT
Phase-I in Maharashtra and 200 MW Basin Bridge DGPP in Tamil Nadu. Other
such projects under construction are 1444 MW Dabhol CCGT, Phase-II in
Maharashtra, 330.5 MW Pillaipermalnallur CCGT in Tamil Nadu, 250 MW
Neyveli TPP in Tamil Nadu, 400 MW Maheshwar HEP in Madhra Pradesh, 106
MW Samalpatti DGPP in Tamil Nadu, 106 MW Samayanallur DGPP in Tamil
Nadu, 358.9 MW Peddapuram CCGT in Andhra Pradesh and 220 Tanir Bavi
Power Project in Karnataka.
Since 1991, both domestic and foreign developers have evinced keen
interest in the Indian power sector. So far, 57 private power projects
amounting to 29,375 MW capacity have been given techno-economic
clearance by Central Electricity Authority (CEA). This includes 20
projects for 8777 MW, having USA based developers. So far, four projects
for capacity 1364 MW, having USA based developers, have been fully
commissioned and eight projects of 3215 MW are under construction. The
contribution of US based companies in the power sector in India has been
very significant. Out of techno-economically-cleared private power
projects, which are having foreign participation, 47 per cent projects
have USA based developers are 57 per cent and 80 per cent respectively.
The major U.S. power companies like Enron, CMS Generation, General
Electrics, AES Transpower, Bechtel, Southern Electric, Ogden, PSEG
Global etc. are associated with the growth of power sector in the
country. It is estimated that in next few years investment by US
companies in the Indian power sector could cross 10 billion US dollar
mark.
---------------------------------
Source: Hindustan Times, March 24, 2000
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.