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Modi In china: 26 Business deals worth $22 Billion Signed

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Prime Minister Narendra Modi’s visit to China has yielded $22 billion worth of MoUs showing China Inc.’s strong interest in the Indian story, says a statement released by the Ministry of External Affairs.

The MoUs which span a wide range of industries including renewable energy, power infrastructure, and steel and small & medium industries will enhance Chinese companies’ commitment to ‘Make in India’, MEA has said.

The business-to-business MoUs include Indian industry giants like Bharti Airtel Ltd, Adani, Sun Group, Wipro and GMR Limited.

Some of the Major Deals:

Sister Port :

  • Adani Ports & SEZ and Guangzhou Port Authority agreed to establish “sister port relationship”
  • Ports Involved : Mundra Port and Guangzhou Port.

Telecom :

  • Bharti Airtel‘s tie-up for credit facility with China Development Bank and Industrial and Commercial Bank of China.
  • Agreement worth : $ 2.5 billion.

Services Sector :

  • Technology major Infosys also entered into an MoU with People’s Government of Qiannan Autonomous Prefecture to jointly build ‘China India Information Service Industry Corridor’ in Qinnan.
  • Infosys launched its Shanghai campus

Power and Natural Gas :

  • The Adani Group also inked an agreement with Golden Concord Holdings to establish an integrated photovoltaic industrial park in Mundra SEZ
  • It will help to explore the investment opportunities in gas power generation and natural gas sector.
  • Welspun Energy entered into a memorandum of understanding with Trina Solar of China to jointly set up a PV industry park .
  • This Agreement would help in for production of 500 MW of Photovoltaic (PV) cell and 500 MW of PV solar module in India.
  • IL&FS Energy Development Co and China Huaneng Group for 4,000 MW Nana Layja Thermal Power (Coal) project

Steel and Mines :

  • Jindal Steel and Power and ICBC on development of potential projects.
  • Bhushan Power and Steel signed a pact with China National Technical Import and Export Corporation for an integrated steel project in Gujarat.

Infrastructure :

IL&FS and Industrial & Commercial Bank of China (ICBC)

Film & Entertainment :

Co-Production of film Xuan Zang : Eros and China Film group

Others  Indian Companies Signed deals with its Chinese Counterparts:

  • Two agreements were signed by the Confederation of Indian Industry and one agreement each by the Essel Group,
  • Sun Group,
  • Axis Energy Ventures,
  • Government of Gujarat’s mines department,
  • Autolite,
  • Wipro,
  • GMR,
  • NIIT and
  • Aarvee Associates.