Deals worth $22 billion signed with China firms

Modi invites CEOs to feel winds of change in India

On the last day of Prime Minister Narendra Modi’s three-day visit to China, 26 business agreements worth over $22 billion were signed on Saturday between Indian and Chinese firms.

These MoU’s and agreements span a wide range of industries, including energy, power infrastructure, steel and small & medium scale industries.

Among the major agreements was Bharti Airtel’s tie-up for credit facility of $2.5 billion with China Development Bank and Industrial & Commercial Bank of China.

The Adani Group also inked an agreement with Golden Concord Holdings to establish an integrated photovoltaic (PV) industrial park in Mundra SEZ and to explore investments in gas power generation and the natural gas sector. In another pact, Adani Ports & SEZ and Guangzhou Port Authority agreed to establish “sister port relationship” between Mundra Port and Guangzhou Port.

Welspun Energy entered into an MoU with Trina Solar of China to jointly set up a PV industry park for production of 500 MW of PV cell and 500 MW of PV solar module in India.
“(These) are a reflection of the strong interest of Chinese companies to invest in India and contribute towards the Make in India initiative,” said an official statement.

“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,” it added.


The other significant MoUs include: IL&FS and Industrial & Commercial Bank of China (ICBC), IL&FS Energy Development Co and China Huaneng Group for 4,000 MW Nana Layja Thermal Power (Coal) project, and Jindal Steel and Power and ICBC on development of potential projects.

IT major Infosys also entered into an MoU with the People’s Government of Qiannan Autonomous Prefecture to jointly build “China-India Information Service Industry Corridor” in Qinnan.

Speaking at the India-China Business Forum here, Modi reached out to Chinese investors asking them to take advantage of the “winds of change” in India with a much more transparent, responsive and stable regulatory regime.

“This is a historic opportunity for Chinese companies,” Modi said after interacting with 22 CEOs of top Chinese companies, including Alibaba Group chairman Jack Ma.

“India is ready for business. You must be sensing the winds of change in India. I only advise you to come and feel the same,” he told business leaders from both countries.
“You are the factory of the world. Whereas we are the Back office of the world. You give thrust on production of hardware, while India focusses on software and services,” the prime minister added.