Headlines
Adani, Bharti grab bulk of 26 deals worth $22 bn with China Inc
Shanghai, May 16
Twenty six pacts worth $22
billion! That was the sum and substance of the pacts signed between the
businesses of India and China on Saturday, the major ones accounted for
by the Adani and Bharti groups, coinciding with Prime Minister Narendra
Modi's visit here.
The pacts were signed against the backdrop of
Prime Minister Modi calling upon Chinese companies, at a meeting of the
India-China Business Forum here, to invest in India and seize, what he
termed as a "historic opportunity" awaiting them across the vast border.
Besides
some noted captains of India Inc, the Who's Who of the Chinese industry
was also present in good number at the packed event, including the
chairs of Huwawei, Dongfang Eletric, Hareon, Shanghai Urban
Construction, Baosteel, Alibaba, Trina, Chint, Saic Motor and Shanghai
Media.
In his speech, the prime minister recalled the visit of
President Xi Jinping to India and said it had provided the backdrop to
renew the partnership between the two sides, notably in the business
space, while hoping to see it grow in the years to come.
"I have
lot of hope from the relationship which President Xi and I are trying to
build. During his visit to India in September 2014, Chinese investments
worth $20 billion were committed," the prime minister said.
"We
signed 12 agreements covering industrial parks, railways, credit,
leasing, with cumulative investment of $13 billion," the prime minister
added even as more than double such deals -- in numbers and quantum --
were lined up during his visit to China's commercial capital.
"We
are very keen to develop the sectors where China is strong. We need
your involvement. The scope and potential, the breadth and the length of
infrastructure and related developments is very huge in India," he
said, while also giving a brief of his "Make in India" initiative.
Giving
a brief description of the pacts signed on Saturday, the Indian Embassy
in Beijing said in a statement that there were 26 of them valued at $22
billion.
"These MoUs span a wide range of industries, including
renewable energy, power, infrastructure, steel, small and medium
industries and are a reflection of strong interest of Chinese companies
to invest in India and contribute towards 'Make in India' initiative,"
said the mission.
"They will also facilitate cooperation between
Indian and Chinese companies in the film and entertainment industry and
will help in making more Chinese friends and audiences aware of India's
strength in this area," the mission said in a statement.
The
Adani Group, signed pacts in the areas of power, ports, special economic
zones, industrial parks and gas power generation. Specific pacts were
for sister relationship with a Chinese port, and possible financing of
Mundra Power Project, and for a special zone in the same port city.
Bharti
Group's pacts were for received financing commitment of up to $2.5
billion from two Chinese banks to primarily diversify its global
portfolio and invest in the growth of data networks across its
operations that now span 20 countries.
These apart, the Welspon
Group inked two pacts in the area of solar power and an integrated steel
project in Gujarat, Infrastructure Leasing and Financial Services also
signed a similar number of agreements in the area of financing, one of
them specifically for a thermal project.
These apart, two
agreements were signed by the Confederation of Indian Industry and one
agreement each by the Essel Group, the Sun Group, Axis Energy Ventures,
Government of Gujarat's mines department, Autolite, Jindal Steel,
Infosys, Wipro, GMR, NIIT and Aarvee Associates.