New Delhi: China Development Bank on 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 to New Delhi.
Premier Wen said during an engagement with business leaders of the two sides in New Delhi 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.
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