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More Indian Construction Companies Move into Burma
July 4, 2008: India’s commercial involvement in Burma continues to grow. On the back of the recent loans extended to the regime by India’s state Export-Import Bank, two heavy industry companies will begin projects in Burma.
Sources: Irrawaddy
Weekly Business Roundup
Power Grid Corporation of India and Bharat Heavy Electricals will work on some of the projects for which the loans were extended, as well as building a 120 megawatt electricity station.
The involvement of the two companies, both of whom are making their debut in Burma, was agreed at recent government-level talks when the Exim Bank approved credit of $84 million.
However, it has been disclosed by The Hindu News that the Indian government has provided additional credit, now totaling $124 million. This will also cover the power project involving the company Bharat at Thatay Chaung, said the newspaper.
Meanwhile, the two Indian companies are also negotiating to win contracts to build two hydroelectric power systems at Tamanthi and Shuve Saysay on the Chindwin River in Burma’s Sagaing Division.