BUDGET 2000
SPECIALS
INTERVIEWS
COMMENTARY
GOVT&ECONOMY
Y2K: BIZ FEATURES
INDIA & THE WTO
CREDIT POLICY
BIZ IN THE USA
CARS & MOBIKES
MANAGEMENT
CASE STUDY
BIZ-QUIZ
USEFUL INFO
ARCHIVES
NEWSLINKS
SEARCH REDIFF

Indo-US pacts during the visit touch $2 billion

Business agreements totalling $2 billion were signed between India and the United States during US President Bill Clinton's visit to India.

In the information technology sector, Bank of America signed an agreement with Chennai-based DSQ Software to form a global IT services company specialising in the financial services sector.

IBM too signed an agreement with DSQ to supply a range of computer products and services.

California-based Infodream signed a pact with Modicorp Ltd for the creation of an innovative Web portal to automate the resource management process in a service enterprise.

Global Market Resources Inc signed an agreement with Indian Healing Medicaids Pvt Ltd for the purchase of hydroclave medical waste systems; while Light Stream Technologies Inc entered into a partnership with Subhash Industries.

"These agreements are a win-win for India and the United States," US Commerce Secretary William M Daley said at a meeting organised by the US Department of Commerce in New Delhi.

"President Clinton's visit to India demonstrates this administration's commitment to using trade as an economic bridge for creating lasting prosperity between the two countries," Daley said.

BoA invests $100 million in Indian IT

Bank of America will infuse up to $100 million in eight to ten Indian corporates in the IT and pharma sectors to pick up a substantial stake in the ventures.

In addition, the bank has earmarked a significant portion of the $250 million investment that it plans in Asia. The investments would be routed through BoA Equity Partners, BAEP Asia managing director David P Loseff said.

"We have already finalised $80-100 million investment in around eight to ten Indian companies. Two of these firms are from the pharma sector and the rest from the IT services arena. We are also in the midst of finalising other transactions for India," Loseff said.

The deals are likely to be announced in a month. The company has already picked up 52 per cent stake in a joint venture with the Chennai-based DSQ Software Limited. The company is also eyeing investments in emerging dot-com companies in the country.

India, he said, is a target market for BAEP "and we are focussing more on the IT services and network solutions sector here."

"We plan to invest around $250 million in Asia over the next couple of years and a significant portion of this would be in India."

UNI

Business

Bill Clinton's India visit: full coverage@rediff.com