Bangladesh signed a $16.5 million contract with an Indian company Monday to buy 165 tanks it will use to carry oil to power plants by railroad. The deal with India's Texmaco Limited was helped by a $1 billion credit-line agreement between the countries. The purchase involving 165 broad-gauge tanks and six broad-gauge break vans will be completed in a year.
Bangladesh's Communications Minister Syed Abul Hossain said the wagons would be used to move oil to power plants. The signing in Dhaka occurred just before Indian External Affairs Minister S.M. Krishna's three-day visit beginning Wednesday. The loan agreement signed last year to finance infrastructure development in Bangladesh is the biggest credit package by India to any nation. India says it signed the agreement as a good gesture to Bangladesh. Texmaco is a part of India's business giant K.K. Birla group.
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