Foster Wheeler signs advanced pulverized-coal technology license agreement in India

Source: Foster Wheeler AG

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Power Group has entered into a 20-year agreement with the Saraswati Industrial Syndicate Ltd., to provide an advanced technology license for wall-fired subcritical and supercritical pulverized-coal (PC) steam generators to be sold in India. 

The terms of the agreement were not disclosed. The contract value will be included in the company’s third quarter 2010 bookings and future royalty payments will be recorded over the life of the agreement. 

Under a separate existing agreement, Foster Wheeler and Saraswati have successfully sold and executed 34 circulating fluidized-bed steam generators in India totalling approximately 1.5 GWe since 1997. 

“By providing Foster Wheeler with full access to the fast-growing power market in India, this agreement with Saraswati will jointly serve the full domestic power market in India and represents a major step forward in our strategy to steadily expand our global presence,” said David J. Parham, executive vice president of Global Sales and Marketing, Foster Wheeler Global Power Group. “As India’s need for electric power continues to increase, the Foster Wheeler-Saraswati team will be ideally placed to add value by providing the Indian power generators with high-quality advanced technology to meet their growing power production needs.” 

“This is a great moment for Saraswati. Our license agreement with Foster Wheeler will not only bring us the latest technology for subcritical and supercritical boilers but also the best manufacturing and project management practices,” said Mr. Ranjit Puri, Chairman of Saraswati.

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