Obama lands with $10-bn trade deals
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Marking a significant move to strengthen economic ties with India, United States president Barack Obama on Saturday announced 20 new bilateral trade deals worth $10 billion (nearly Rs 44,000 crore). These deals are expected to create over 50,000 jobs in the US.
While most of the deals had been pending for months, the announcements by Obama — who is on the first leg of a 10-day Asia tour — were seen as a successful move for India. Trade between the two nations stood at $36.5 billion in 2009-10, and both India and the US aim to double this figure in the next five years. The US is also set to form export committees to ensure that security measures don't impede trade in hi-tech areas.
Budget airline SpiceJet will buy 30 B737 planes from US aircraft manufacturer Boeing in a deal worth $2.7 billion, which will form part of $10 billion pacts being sealed during Obama's visit. Meanwhile, Anil Ambani-led Reliance Power signed a $750 million (Rs 3,500 crore) deal with US firm General Electric to procure gas turbines for expansion of its 2,400-MW Samalkot Power Plant in Andhra Pradesh.
"This is defining moment in Indo-US energy cooperation," ADAG chairman Anil Ambani said after signing the deal with GE chairman Jeff Immelt. The total project cost for Samalkot plant expansion is estimated at Rs 10,000 crore. Currently, 220 MW power is generated from the project.
This agreement is among 20-odd pacts involving an investment of $10 billion that President Obama hopes to seal during in Saturday-to-Monday visit to India which will create over 50,000 jobs in America.
RPower, GE sign $750 mn deal
MUMBAI: Anil Ambani-led Reliance Power signed a $750 million deal with General Electric to procure gas turbines for its power project in Andhra Pradesh. RPower's partnership with GE and deals with other US firms would result in over $2 billion of manufacturing exports from US to India over the next two years and will create nearly 5,000 jobs in the US.
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