Responding to green commitment from Reliance Anil Ambani group, the US Exim bank today gave a preliminary approval for $600 million in loan guarantees to the supplier to Rs 20,000 crore power project at Sasan in Madhya Pradesh.
The proposed estimated Rs 2,800 crore loan guarantee will support the sale and export by US firm Bucyrus International. The approval would result in saving about a 1000 jobs in the US. Jobs are believed to have been behind Exim Bank's reversal of earlier decision of rejecting the arrangement.
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