India, Bangladesh firms ink pacts worth over $9 bn

Deals aimed at deepening partnership in sectors like power and oil and gas

Companies from India and Bangladesh on Monday signed pacts worth over $9 billion in New Delhi aimed at deepening partnership in sectors like power and oil and gas.

Among the MoUs signed in the presence of visiting Prime Minister Sheikh Hasina is a facility agreement between Bangladesh-India Friendship Power Company (BIFPCL) and Exim Bank of India for debt financing for construction of 1,320 mw Maitree Power Project in Rampal in Bangladesh ($1.6 bn).

The MoUs include an implementation and power purchase agreement between Reliance Power and the Ministry of Power, Energy and Mineral Resources for the first phase (718 mw) of the 3,000 mw power project at Meghnaghat, entailing $1 billion (out of a total proposed investment of $3 billion).

The agreement between NTPC Vidyut Vyapar Nigam (NVVN) and Bangladesh Power Development Board for supply of power from Nepal envisaged an investment of $3.15 billion.

The event also saw signing of pact between Adani Power (Jharkhand) and the Bangladesh Power Development Board entailing an investment of USD 2 billion and a power purchase agreement between Adani Power (Jharkhand) and Power Grid Company of Bangladesh.

Besides, the MoUs signed include those on LNG terminal use between Petronet LNG, India and Bangladesh Oil, Gas and Mineral Corporation (Petrobangla), among others.

The MoU-signing ceremony was organised by CII.