Business

JSPL & India Inc Sign MoUs Worth Over $22 Billion With Chinese Counterparts

NEWS WORLD INDIA | 0
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| May 16 , 2015 , 18:14 IST
JSPL-logoLeading firms from both China and India on Saturday signed as many as 26 deals worth over $22 billion on the last day of the China visit of Prime Minister Narendra Modi. Several leading companies such as Jindal Steel and Power Limited (JSPL), Bharti Airtel and Adani Group signed pacts with their Chinese counterparts. JSPL signed an MoU with the Industrial and Commercial Bank of China for development of potential projects. The agreements were signed between Indian and Chinese companies in a range of sectors, including renewable energy, power infrastructure, steel and small and medium industries. The announcement was made on the sidelines of a meeting of top Chinese and Indian CEOs with Prime Minister Narendra Modi. Addressing the gathering, the Prime Minister said urged Chinese industrialists and entrepreneurs to take advantage of the “winds of change” in India with a much more transparent, responsive and stable regulatory regime. "We have committed ourselves for creating and improving the business environment. I can assure you that once you decide to be in India, we are confident to make you more and more comfortable," the Prime Minister said. "India is ready for business. You must be sensing the winds of change in India. I only advise you to come and feel the same," he told business leaders from both countries. The Prime Minister said as two major economies in Asia, "harmonious partnership" between India and China was essential for economic development and "political stability" of the continent. "You are the 'factory of the world'. Whereas, we are the 'Back office of the world'. You give thrust on production of hardware, while India focusses on software and services," he said.