Some 50 business pacts signed during Wen’s visit
December 15th, 2010 - 7:16 pm ICT by IANSNew Delhi, Dec 15 (IANS) China Development Bank Wednesday signed financial pacts worth billions of dollars, including one with Reliance Power and another with ICICI Bank, as part of some 50 business deals sealed during Chinese Premier Wen Jiabao’s visit here.Premier Wen said during an engagement with business leaders of the two sides here that pacts worth $16 billion between companies and enterprises of the two sides would be signed during his three-day India visit.
The pact with Reliance Power, a part of the Anil Ambani Group, calls for a $4.63-billion project financing, while the one with ICICI Bank is for $400 million facility agreement, as per officials who coordinated the signing of these.
China Development Bank has also signed a $2-billion pact with Reliance Communications, another company in the Anil Ambani Group, while Sepco and Shandong have inked another with the diversified Adani group worth $3.63 billion to supply power equipment.
The other pacts inked during the premier’s visit include:
- Between Dofang Electric and Abhijeet Projects for power equipment worth $2.5 billion
- Between China Development Bank and Reliance Power for $1.1 billion on Sasan power
- Between Bank of China and IDBI Bank for a $1.2 billion facility
- Between Industrial and Commercial Bank of China and ICICI Bank for a $1 billion finance facility
- Between Shandong and Tamil Nadu Power Co for $800 million worth of equipment
- Between China Aluminium and Vedanta for $330 million worth of metals import
These pacts apart, the Federation of Indian Chambers of Commerce and Industry (FICCI) has entered into a memorandum of understanding with China Chamber of Commerce for mutual cooperation.
Tuesday also saw Shanghai-based telecom equipment manufacturer Huawei announce an investment of $2 billion in a new research facility in Bangalore and its manufacturing unit in Chennai.
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Reliance Communication to get $1.93 bn from China Bank - Dec 15, 2010
- Some 400 Chinese business leaders accompanying Wen to India - Dec 13, 2010
- Chinese Premier Jiabao heads to Pakistan to boost trade - Dec 17, 2010
- Premier Wen rejects Chinese 'dragon' vs Indian 'elephant' theory (Lead) - Dec 15, 2010
- Reliance Power ties up Chinese bank funds for Sasan project - Dec 15, 2010
- Chinese premier open to wider window for Indian imports - Dec 15, 2010
- Nippon Life to invest $290 mn in Reliance Capital arm (Lead) - Jan 19, 2012
- Reliance draws second tranche of loan - May 12, 2011
- Pakistan-China friendship evergreen: Wen Jiabao - Dec 19, 2010
- Reliance Communications inks $1.9 bn loan deal with Chinese bank - Mar 09, 2011
- Reliance Capital pact with Nippon in areas beyond insurance - Sep 01, 2011
- Nippon's pact for 26-percent stake in Reliance asset firm - Mar 22, 2012
- Reliance Communications raises $255 mn for part-finance of 3G loan - Jan 18, 2011
- Reliance Power places $10-bn equipment order for 32,000 MW - Oct 28, 2010
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