Adani Group signs MoU with top Chinese firm to invest $300 million
- Defection of MNS corporators to Shiv Sena shakes up Maharashtra’s politics
- SC cracker ban brought respite, but a lot needs to be done
- Can blockchain technology be an answer to India’s land governance woes?
- Can see bright Samvat 2074 ahead: Ramesh Damani
- Mutual funds trim metals, retail holdings, tank up on financial stocks in September
Beijing: Indian conglomerate Adani Group has signed a memorandum of understanding (MoU) with one of China’s largest private companies to invest $300 million in manufacturing units of an Indian port.
The memorandum of understanding (MoU) signed between Adani and East Hope Group proposes to set up manufacturing units in Mundra special economic zone in Gujarat to produce solar power generation equipment, chemicals, aluminium and animal feed, a statement by the Indian consulate in Shanghai said.
It will also put in place East Hope Group’s engineering and industrial integration chain to recycle and economise the product cost at Mundra SEZ, it said. The MoU was signed between Amit Uplenchar, president of Adani Ports and Special Economic Zone and Meng Changjun, president of East Hope Group (Investment) in the presence of consul general Prakash Gupta on Monday.
The MoU is proposed to convert into a definitive agreement within a period of 180 days and would cover areas of specific cooperation outlined as per agreement between the two sides, the statement said. An estimated investment of more than $300 million is expected to be made by the East Hope Group in India, as part of the proposed cooperation between the two companies.
East Hope, the Chinese counterpart signing the MoU, is a renminbi 70 billion group, and is one of the largest corporate house in China, having business interests in aluminium, polysilicon, power and animal feed. PTI