Corporate America on Thursday announced the appointment of a full-time top executive, who earlier served in the US Export-Import (Exim) Bank, to help it get a bigger slice of the huge business potential offered by the fast growing infrastructure sector in India.
The US-India Business Council (USIBC) has announced the appointment of Diane Farrell as executive vice-president, overseeing business advocacy and membership service in the important areas of financial services, real estate and infrastructure development.
Farrell recently completed her term as director on the board of directors of the Exim Bank of the United States, a position she held since August, 2007.
During her tenure at the US Exim Bank, she tirelessly promoted India as a primary market for US goods and services.
The EX-IM Bank's project portfolio for India is now second only to Mexico in terms of total exposure.
"We are delighted to have the benefit of Ms Farrell's experience and insight as we strengthen the United States' economic relationship with India," said Harold McGraw III, the Chairman, President and CEO of The McGraw Hill Companies and chairman of the US-India Business Council.
"Her rich background in infrastructure, financial services and real estate will serve our members and our country well," he said.
"Recognising the linkage between economic growth and the successful build-out of the $1 trillion-worth of infrastructure projects in India needed in the coming years and keeping in mind the imperative to simultaneously develop the soft infrastructure of new and robust capital markets capable of funding India's vast infrastructure requirements, USIBC could not have brought onboard to its leadership team a more capable professional and friend of India than Diane Farrell," said Ron Somers, the President of the USIBC.
The Exim Bank recently made available a $917 million export finance guarantee to support US exports to the Sasan Power Project located in Madhya Pradesh.
A $400 million long-term loan guarantee to support exports of US equipment and services to Reliance Industries was executed during Farrell's tenure at US Exim Bank.
In addition, the Exim Bank authorised direct loans of more than $50 million for two 10-megawatt solar power projects being developed using American technology and services in Rajasthan and Gujarat.
Working with her professional colleagues at the Exim Bank, Farrell has approved over $5.8 billion in transactions from 2007 through April, 2011, for projects located in India in the sectors of aviation, telecom, oil and gas, mining equipment, healthcare, IT services, and energy, including solar power, a press release said.
