Deals worth $22 billion signed during PM Narendra Modi’s China visit

Prime Minister Narendra Modi launched around 25 business plans and agreements worth $22 billion between Indian firms including the Adani group, Bharti Airtel and Welspun, and Chinese business houses at a function in Shanghai on Saturday.

The event saw Infosys Ltd unveiling a master plan of its new Shanghai campus. ICICI Bank announced inauguration of its first branch in China. This will be the fourth Indian bank with a branch office in China.

“India is ready for business,” Modi said. “Sensing the winds of change in India, I advise you to come and feel the same,” he told the China-India Business Forum.

The forum also witnessed three CEOs of Indian companies seek Modi’s blessings by touching his feet who could not be immediately identified.

“Many Chinese companies have the possibility of investing in India to take advantage of India’s potential in manufacturing, processing as well as in infrastructure,” Modi told the assembled group of over 400 Indian and Chinese business executives.

Listing several initiatives taken to enhance the ease of doing business in India for foreign investors, Modi said, “India-China partnership should and will flourish. I expect very good outcome from this coming together.”

Bharti Airtel and Eros Group are involved in three projects each while Adani Power is involved in two agreements. Bharti is seeking finance on two projects from state-run China Development Bank and credit facility from the Industrial and Commercial Bank of China.

READ ALSO: My friendship with President Xi is ‘plus one’, PM Modi says

Seven MoUs involved financing agreements for Indian projects by Chinese banks and other companies. CDB has agreed to fund three projects while the ICBC will provide credit for two Indian projects.

Besides, Adani Power is seeking financing for its APL Mundra Power Plant from CDB while IL&FS will get funding from ICBC.

Eros Group signed a partnership agreement with Shanghai Film Corporation and a co-production contract with China Film Group. Eros International has also signed a cooperation agreement with Fudan University in Shanghai.

READ ALSO: Modi-Li pic dubbed ‘mightiest selfie in history’

Wipro announced an agreement to build a complex with the government of Dalian city and the Yida China Holdings. IL&FS has contracted the China Huaneng Group to build a 400mw thermal power station.

New partners have come up for establishing three solar energy projects. The new partners are Essel Group linking with JA Solar, India’s Welspun Group with Trina Solar and Sun Group with Canadian Solar China.

Bhushan Power & Steel and China National Technical Corporation. Adani Port has linked up with Guangzhou port.

“(These) are a reflection of the strong interest of Chinese companies to invest in India and contribute towards ‘Make in India’ initiative,” an official statement said.

It further said the agreements would also facilitate cooperation between Indian and Chinese companies in the film and entertainment industry and “will help in making more Chinese friends/audiences aware of India’s strength in this area.”

Source: Times of India
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: