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Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

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US to raise issue of bottlenecks in Indian ports

Tuesday - Feb 21, 2012, 11:31am (GMT+5.5)
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Chennai - The US will raise the concerns of its companies operating in India with regard to infrastructure and congestion of ports with the Indian officials, visiting Under Secretary of Commerce for International Trade Francisco J. Sanchez said here Monday.

Speaking to reporters here, Sanchez said: "I will share the concerns of US companies here about the port infrastructure. There is congestion at the port that inhibit growth, particularly in the auto sector."

Sanchez is leading a delegation of 12 US companies looking out for business in India in the areas of ports and logistics.

He said there will be 65 Indian cities with a population of over one million by 2030, which presents a good opportunity for US companies operating in infrastructure sectors like power.

Earlier, speaking at the luncheon meeting organised by the Indo-American Chamber of Commerce, Sanchez said the bilateral trade in goods between India and the US in 2011 was nearly $58 billion, up from $49 billion in 2010.

"The economic activity between our two countries continues to grow. And behind the numbers, we are seeing a lot of great things happening," he said.

He said major US companies like Cisco, General Electric and IBM are placing research and development facilities in India in order to utilise the talent here for business growth.

According to him, the current infrastructure in India is inadequate to support India’s economic growth.

Pitching for more business for US companies, he said that the protective policies in favour of Indian firms would hurt the country in the long run.





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