PM Narendra Modi in China: 26 pacts worth $22 billion signed

SHANGHAI, May 16: As many as 26 business agreements worth over $22 billion were signed on Saturday between Indian firms - including Adani group, Bharti Airtel and Welspun - and their Chinese counterparts on the last day of Indian Prime Minister Narendra Modi's three-day visit to China. These Memorandum of Understandings (MoUs) and agreements span of wide range of industries, including renewable, energy, power infrastructure, steel and small & medium industries. Among major agreements is Bharti Airtel's tie-up for credit facility of $2.5 billion with China Development Bank and Industrial and Commercial Bank of China. The Adani Group also inked an agreement with Golden Concord Holdings to establish an integrated photovoltaic industrial park in Mundra SEZ and to explore investments in gas power generation and 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 Photovoltaic (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 '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." 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. 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. Bhushan Power and Steel too signed a pact with China National Technical Import and Export Corporation for an integrated steel project in the west-Indian state Gujarat. Speaking at the India China Business Forum, Modi had 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.