India

"Tehran and New Delhi are in talks to build an undersea gas pipeline as part of efforts to export natural gas to India. The 4.5 billion pipeline will take natural gas from southern Iran via Oman Sea and Indian Ocean to Gujarat state in western India. Managing Director of National Iranian Gas Export Company (NIGEC), Alireza Kameli said the pipeline will carry 31.5 million standard cubic meters gas per day. 'Negotiations are under serious consideration,' the Economic Times quoted him as saying on Monday. The pipeline is planned to be built within two years following the necessary approvals and after a gas sale and purchase agreement (GSPA) is signed, the Iranian official reportedly said at the World Energy Policy Summit in New Delhi. Kameli also said Iran has already been in talks with New Delhi-based South Asia Gas Enterprise Pvt Ltd (SAGE) for building the 1,400 kilometer pipeline." (Press TV, "Iran, India mulling $4.5bn undersea gas pipeline," 12/7/15) 

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"The Iran nuclear deal could see not just more imports of Iranian crude to India, the lifting of Western sanctions now holds the promise of kick-starting an undersea pipeline project that would bring Iranian gas to India via the Arabian Sea, bypassing Pakistan. 'The Iran nuclear deal is going to open up more possibilities of importing crude from Tehran, the quantities can be increased. It will also help to implement two-three projects we are working on without any shadow of sanctions,' an official source told. 'Among the major projects we are eyeing is the SAGE undersea pipeline to bring gas from Oman and Iran to India,' the official said, declining to be named. The gas pipeline project by South Asia Gas Enterprises Pvt Ltd (SAGE), when implemented, could see over 31 million cubic meters of gas per day delivered to India. The pipeline project, also known as Middle East to India Deepwater Pipeline (MEIDP), was formulated a decade ago, but could not take off due to the Western sanctions and US opposition as well as technological issues. 'All that has now been sorted out,' the official added. With the Iran-Pakistan-India (IPI) pipeline still stuck and the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipelines yet to take off, the SAGE project holds promise of seeing gas delivered to energy-starved India in about five years. The 1,200-1,300 km pipeline, set to cost around $4.5 billion, is the best energy option for India, says Subodh Kumar Jain, director, SAGE. 'We are very excited, the development (Iran nuclear deal) holds a lot of promise for getting the SAGE pipeline project moving forward,' Jain told." (Economic Times, "With Iran nuclear deal, an undersea gas pipeline to India holds promise," 7/20/15)

"On Thursday, the Mehr news agency quoted a Suzlon Energy executive as saying that the Indian company, one of the world’s leading wind turbine suppliers, was competing with Germany’s Siemens for renewable energy projects in Iran. 'Iran has a very large capacity to generate electricity from wind energy. Suzlon is willing to cooperate with the Iranian energy industry in a joint investment framework or on supply of know-how, technology, turbines and equipment when sanctions are lifted,' it quoted Himan Shukari as saying." (PressTV, "Iran joins water turbine manufacturers club," 7/23/15)

"Indian businessman Pankaj Bansal is losing sleep. He says that any nuclear deal under which global powers lift sanctions against Iran could wipe him out.  'I have been forced to take sleeping pills now to avoid nightmares as my business with Iran has drastically come down,' said Bansal, 43, from his base in a teeming commercial district of South Delhi.  Bansal's trading firm, TMA International, has expanded from metals into motors, auto parts and chemicals as rivals were shut out of Iran by Western sanctions aimed at forcing Tehran into a nuclear compromise. Talks to finalize a deal have run deep into overtime but may wrap up on Friday.  He is one of thousands of exporters who enjoyed a three-year run because India did not back the sanctions. In that time, India's exports to Iran doubled to $5 billion, helping to halve its bilateral trade deficit.  Now, they could be forced aside by European and U.S. competitors just as Asia's third-largest economy reels from a 20 percent export slump prompted by a global slowdown in trade.  The revival of India's historic friendship with Iran, shared with Russia and Venezuela, does hold the promise of long-term trade gains. Yet short-term pain looms for oil buyers and banks that benefited from sanctions-related payment delays." (Reuters, "Indian Business Dreads Lifting of Iran Sanctions," 7/8/15)

On June 30, 2020, the Mississippi Department of Finance & Administration identified Jindal Steel as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.” 

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In 2019 Jindal Steel was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  

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In 2017 the U.S. state of Mississippi listed Jindal Steel & Power on its Iran prohibited companies list rendering Jindal ineligible for investment and/or state contracting.

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"Iranian trade negotiators have become more assertive with Indian counterparts as hopes rise of international sanctions on Tehran easing later this year, sources said, and Indian companies fear they may lose business as more countries bid for projects. The push back from the Iranians came as a surprise to India, which has enjoyed special dispensation from Tehran as one of only a handful of countries willing to do business with it while it faced Western economic sanctions. Under a tentative framework agreement reached between six major powers and Tehran in April, Iran agreed to limit its nuclear activity in return for sanctions relief. A final deal could be reached by June 30. That prospect appears to have emboldened Iran, said sources familiar with trade negotiations with India, including in its handling of a sizeable deal to import railway tracks. The $233 million contract, signed last October, was for India's State Trading Corp (STC) to facilitate exports of rail tracks from SAIL Ltd and Jindal Steel and Power Ltd to Iran's railways. But Iran told Indian negotiators that it had offers from other countries, including Turkey, to supply the equipment at a cheaper cost, the sources said." (Reuters, "With nuclear deal in sight, Iran drives harder bargain in Indian trade talks," 5/19/15)

"Gujarat State Fertilizers and Chemicals (GSFC) announced on Tuesday that it was exploring the possibility of setting up an ammonia-urea plant in Iran.
Speaking to PTI, GSFC Managing Director A. M. Tiwari said, "We are keen to set up an ammonia-urea plant in Iran due to the availability of natural gas, which is a raw material for ammonia at cheaper rate there. This plant is expected to cost around $800 million."" (June 2017)

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"Government plans to set up a urea plant in Iran to ensure long term availability of the fertilizer here, Chemicals and Fertilizers Minister Ananth Kumar said today. 'In order to ensure long term availability of urea in the country, the government is facilitating setting up of a urea/ ammonia joint venture project in Iran with capacity to produce 1.3 million tone urea for import to India,' he said in Rajya Sabha. A consortium of Indian companies -- Rashtriya Chemicals and Fertilizers, Gujarat State Fertilizers and Chemicals and Gujarat Narmada Valley Fertilizer and Chemicals -- have appointed SBI Caps for advisory and due diligence services to identify a prospective Iranian JV partner. 'The project is in a consultation stage to identify an Iranian JV partner,' Kumar said in a reply during Question Hour." (Press Trust of India, "India plans to set up urea plant in Iran: Government," 4/24/15)

"Iran is expected "very soon" to approach Exim Bank here seeking disbursement of the first tranche of USD 150 million loan to fast-track the development of Chabahar Port in the gulf nation, official sources said." (September 21, 2017)

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"The Export-Import Bank of India has agreed to open a $150 million line of credit for Iranian banks. The agreement was signed between the head of Exim bank and representatives of Iranian banks in New Delhi, Iran's IRNA News Agency reported on Dec. 23. The Iranian delegation consisted of representatives of the Central Bank of Iran, Ministry of Economic Affairs and Finance, as well as Saman, Pasargad, Parsian, Karafarin, Eghtesad Novin, and Keshavarzi banks. Iran's Ambassador to New Delhi Gholamreza Ansari said that the LC line will be used for purchasing technical and engineering services." (Trend, "India’s Exim Bank to open $150M line of credit for Iran," 12/23/14)

"Prime Minister Narendra Modi Monday said the Kandla port in Gujarat will soon be connected with Iran’s Chabahar port, which will give a boost to India’s international trade and place the Indian port firmly on the global map. India Ports Global Pvt. Ltd (IPGPL), a joint venture between Jawaharlal Nehru Port Trust (JNPT) and Kandla Port Trust (KPT) for development of ports overseas will develop and operate the Chabahar port. IPGPL is in the process of setting up two container berths and three multi-cargo berths." (May 2017)

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“Jawaharlal Nehru Port Trust (JNPT, at Navi Mumbai) would take 60 per cent equity in the Indian company to be formed for developing the Chabahar port in southeastern Iran. Kandla Port Trust (KPT) would hold the remaining equity.” (Business Standard, "JNPT to take 60% equity in Iran port project," 12/15/2014)

"KIOCL Ltd has made a shipment of iron ore pellets to Iran under the Centre’s ‘Make In India’ concept. The vessel – m.v. Aries – with 66,500 tonnes of iron ore pellets was flagged off at New Mangalore Port on Saturday. The p is targeting to export 0.5 million tonnes of pellets during the year." (January 2016)

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"An Indian state company has agreed to sell high-quality iron ore pellets to Iran, its chairman told Reuters, in what could be a $200 million annual deal that signifies expanding business ties between the countries as sanctions against Tehran ease... KIOCL Ltd, owned by India's steel ministry, could sell as much as 2 million tonnes of pellets to Iran to meet substantial local demand, Chairman Malay Chatterjee said. Keyvan Ja'fari Tehrani, head of international affairs at the Iranian Iron Ore Producers and Exporters Association, said a final agreement was yet to be struck. But he agreed the demand was there. 'The production of pellets in Iran is not sufficient,' Tehrani said, adding there's a need to import between 7 and 8 million tonnes a year. Iran produced 21 million tonnes of iron ore pellets last year while demand reached 28 to 29 million tonnes, he said. KIOCL has been in talks with Tehrani as well as Iran's state-owned mines and metal holding company IMIDRO and the Iranian Mines and Mining Industries Development and Renovation Organisation, said Tehrani. Negotiations are also going on to bring in 1 million tonnes of low-quality iron ore from Iran, process it at KIOCL's coastal facilities in India, then export pellets to Iran, said Chatterjee. A senior steel ministry official confirmed the talks." (Reuters, "India to sell high-grade iron pellets to Iran as ties strengthen," 7/28/15)

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“With plans of exporting iron pellets to China falling through and efforts to gain a captive mine in the State yielding no results, Mangalore-based KIOCL is now looking for a bilateral agreement with the government of Iran to import iron ore and export pellets… ‘On a rupee-trade mechanism, KIOCL is proposing to open up export mechanism with Iran. The Iranian Minister of Mining had visited Delhi and overviewed the functioning of the company. KIOCL can play a role in meeting the big demands there…We are upbeat about this and the ministry is also supporting the proposal,’ he said. Iran, Mr. Chatterjee said, would import more than 20 million tonnes of iron pellets over the next five years, and KIOCL had the capacity to produce 4 million tonnes annually.” (The Hindu, "KIOCL to source iron ore from Iran," 08/5/14)

"Will no longer participate in a project to build a railway line from Chabahar to Zahedan, along the border with Afghanistan because of Iran's insistence that Khatam-al Anbiya Construction Headquarters (KAA) receive the civil works contract for the project. KAA belongs to the Islamic Revolutionary Guard Corps (IRGC) and is subject to U.S. secondary sanctions. India had received a U.S. sanctions waiver for the project, a trilateral effort with Iran and Afghanistan intended to create an alternative trade route to Afghanistan and Central Asia." (The Economic Times, "Chabahar-Zahedan rail link: Iran's insistence on roping in a specific entity put deal off track," 7/21/2020).    

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On its “Foreign Projects” page, IRCON lists a project with Iranian Islamic Republic Railways. 

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On its Company Website, IRCON states that it has “executed a large number of Electronic (Solid State) Interlocking and Relay based Interlocking Signalling installations” in countries including Iran. (Company Website, “Signaling and Telecom")

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“Last year, Washington had eased sanctions on Iran, which has enabled Indian companies to explore investment options. The Indian commerce ministry officials had in December last year, met the top brass of SAIL, BHEL and railway infrastructure builder IRCON to consider investing in Iran.” (Trend, “Iran plans to import 200,000 tons of rail tracks from India,” 4/28/14)

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In its Annual 2009-10 report, IRCON lists Iran as among those countries  where “Concerted efforts are being made to secure contracts.” (Company Website, “Annual Report, 2009-10”)

In 2017 and/or 2018, the U.S. states of California, Iowa,  New Jersey and Ohio listed BHEL on its state list of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering BHEL ineligible for investment and/or state contracting.

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“Last year, Washington had eased sanctions on Iran, which has enabled Indian companies to explore investment options. The Indian commerce ministry officials had in December last year, met the top brass of SAIL, BHEL and railway infrastructure builder IRCON to consider investing in Iran.” (Trend, "Iran plans to import 200,000 tons of rail tracks from India,” 4/28/14)

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According to its Company Website, BHEL concluded a contract with Tehran-based company M/s Tosee Siloha Co. in March 2011. (BHEL Website, “DETAILS OF CONTRACTS CONCLUDED DURING THE PERIOD 01.03.2011 TO 31.03.2011”)

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According to its Company Website, BHEL concluded a contract with Iranian company M/s. jahanparas Group in February 2011. (BHEL Website, “DETAILS OF CONTRACTS CONCLUDED DURING THE PERIOD 01.02.2011 TO 28.02.2011”)

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According to a company spokesperson, in 2008 BHEL received a “significant” order from Iran consisting of a Hydrogen Recycle Gas Compressor. (Company Website, “3rd April, 2008 Press Conference Address by Shri K. Ravi Kumar, Chairman & Managing Director, BHEL on Company’s Performance”)