Subscribe to our free, weekly email newsletter!


Global logistics: Ex-Im Bank to support U.S. exports to India

According to the Metropolitan Milwaukee Association of Commerce, the project will support approximately 1,000 jobs at Bucyrus and its suppliers throughout the United States.
By Patrick Burnson, Executive Editor
October 25, 2010

The board of directors of the Export-Import Bank of the United States (Ex-Im) have approved a $917 million export finance guarantee to support U.S. exports from Bucyrus International, located in Milwaukee, Wisconsin and other U.S. vendors, to the Sasan Power, Ltd. coal-fired power plant in Madhya Pradesh, India.

“The board’s approval of the Sasan power project resulted from carefully balancing the need to support American jobs and energy exports, while simultaneously encouraging development of renewable energy facilities,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “We are pleased that Reliance Power, under the leadership of Anil Ambani, is taking steps to reduce the environmental effects of their activities and has long term plans which include power production with renewable energy alternatives.”

The companies, including Bucyrus, will sell and export mining and associated equipment to Sasan Power for the 3,960-megawatt power plant. According to the Metropolitan Milwaukee Association of Commerce, the project will support approximately 1,000 jobs at Bucyrus and its suppliers throughout the United States.

Earlier this month, Indian industrialists were championing the region’s logistical advantages and trade opportunities for U.S. shippers. Among them was Ram Ramakrishnan, executive director, Bajaj Electrical.
“While everyone seems to be concentrating on penetrating the China market, India has been quietly capturing share from forward-thinking multinational’s,” he said.

Speaking the Supply Chain Executive Summit in Houston recently, he added that India’s reverse logistics concentration is also an advantage.

“We were ‘sustainable’ long before the word became a cliché,” he said. “And our workforce is paid fair wages and treated with world class respect.”

According the Ex-Im spokesmen, approval followed a thorough, three-month financial, technical and environmental due diligence review conducted by Bank specialists.

In July, Reliance Power, Ltd., the owner of Sasan Power, signed a memorandum of understanding with Ex-Im Bank indicating its commitment to build a new 250-megawatt renewable energy facility, which will rank among the largest renewable energy projects in India. Moreover, the Sasan project will comply with Ex-Im’s new environmental guidelines that limit carbon emissions to 850 grams of CO2 per kilowatt hour.

About the Author

image
Patrick Burnson
Executive Editor

Patrick Burnson is executive editor for Logistics Management and Supply Chain Management Review magazines and web sites. Patrick is a widely-published writer and editor who has spent most of his career covering international trade, global logistics, and supply chain management. He lives and works in San Francisco, providing readers with a Pacific Rim perspective on industry trends and forecasts. You can reach him directly at .(JavaScript must be enabled to view this email address).


Subscribe to Logistics Management magazine

Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your
entire logistics operation.
Start your FREE subscription today!

Recent Entries

Matson, Inc., a leading U.S. carrier in the Pacific, is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

Josh Green, CEO of Panjiva, an online search engine with detailed information on global suppliers and manufacturers, said despite the recent trends coming out of China, it is important to remember is that on a big picture level, its impact on the global economy is big and growing.

Diesel gasoline’s average price per gallon dropped for the ninth week in a row, according to data issued by the Department of Energy’s Energy Information Administration (EIA) this week.

Citing currency exchange rates and lower fuel surcharges, second quarter revenue for transportation and logistics titan UPS dropped 1.2 percent to $14.1 billion, the Atlanta-based company reported today. Even though revenue was slightly down, earnings per share saw a 12 percent annual gain at $1.35, which was above Wall Street estimates of $1.27.

Does your organization struggle with the integration of information between your internal systems, processes and partner portals? You're not alone! Kapow Software alongside EFT has surveyed over 200 organizations regarding the importance of information access, visibility and discusses some of the major goals for supply chain and logistics organizations.

Article Topics

News · Supply Chain · Logistics · Trade · Exports · All topics

Comments

Post a comment
Commenting is not available in this channel entry.


© Copyright 2015 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA