MADISON, Wis. (AP) — A federal bank has approved loan guarantees that will allow a $600 million deal with South Milwaukee-based Bucyrus International Inc. to go through.
U.S. Sens. Herb Kohl and Russ Feingold announced the U.S. Export-Import Bank’s vote on Thursday.
The bank had voted in June to deny the loans to Reliance Power Ltd., in India, citing environmental concerns over its coal-mine and coal-plant project. Reliance needed the approval to buy mining equipment from Bucyrus.
After the vote, Bucyrus officials warned losing the deal could result in 1,000 people in 13 states losing their jobs.
The bank reconsidered its decision after the White House and Wisconsin’s congressional delegation applied pressure.