Indian, Bangladeshi companies ink pacts worth over $9 billion

NEW DELHI: India and Bangladesh have signed agreements worth $9 billion that would help Indian firms meet the neighbour’s energy needs over the next many years.

Top executives of Indian and Bangladeshi companies signed several preliminary agreements on Monday in the presence of visiting Prime Minister Sheikh Hasina and Oil Minister Dharmendra Pradhan at an event coordinated by the Confederation of Indian Industries (CII).

NTPC Vidyut Vyapar Nigam Ltd entered a preliminary pact with Bangladesh Power Development Board for supply of power from Nepal. The estimated value of the deal is $3.15 billion, according to an official statement. A supplementary agreement between NTPC Vidyut Vyapar Nigam and Bangladesh Power Development Board for supply of additional 60 MW of power from Tripura to Bangladesh worth $138 million was also signed.

A $2 billion pact between Adani Power (Jharkhand) Ltd and Bangladeshi companies was signed for implementing a power project and supply of power.

An agreement between Bangladesh India Friendship Power Company Limited (BIFPCL) and EXIM Bank of India for debt financing of the construction of 1320 MW Maitree Power Project in Rampal, Bangladesh was also signed. The estimated value of the deal is $1.6 billion.

Reliance Power signed a $1billion worth of agreement with Bangladesh’s Ministry of Power, Energy and Mineral Resources to set up power project and supply electricity.

Three preliminary agreements related to cooperation in the field of liquefied natural gas (LNG) were also signed between companies of the two countries.
Petrobangla signed preliminary agreements with Petronet LNG for LNG terminal use, with Reliance Power for setting up 500 million metric standard cubic feet per day LNG terminal at Kutubdia Island, and with Indian Oil Corp for LNG cooperation.

An agreement between Numaligarh Refinery Limited (NRL) and Bangladesh Petroleum Corporation (BPC) for sale and purchase of diesel was also signed.