MoU signed between Adani Group and East Hope Group for setting up a manufacturing plant in Mundra, Gujarat – East Hope likely to invest USD 300 million in Indian project

MoU signed between Adani Group and East Hope Group for setting up a manufacturing plant in Mundra, Gujarat – East Hope likely to invest USD 300 million in Indian project (Jun 20, 2017)

        A Memorandum of Understanding (MoU) was signed between Indian Infrastructure Conglomerate, Adani Group and East Hope Group, Shanghai, China on June 19, 2017 at the premises of Consulate General of India in Shanghai. 

2.    The MoU was signed by Mr. Amit Uplenchar, President, Adani Ports and Special Economic Zone, Adani Group and by Mr. Meng Changjun , President,  East Hope Group (Investment) in the presence of Consul General and accompanying officials from the two companies. 

3.    The MoU signed between the two leading companies from India and China proposes to set up manufacturing units in Mundra SEZ, Gujarat to produce solar power generation equipment, chemicals, aluminum and animal feed, and to put in place EASTHOPE Group’s engineering and industrial integration chain to recycle and economize the product cost at Mundra SEZ. 

4.    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. An estimated investment of more than USD 300 Million is expected to be made by East Hope Group in India, as part of the proposed cooperation between the two conglomerates. 

5.    Adani Group, with an annual USD 12 billion revenue, is an Indian multinational conglomerate company headquartered in Ahmedabad. Its diversified businesses include resources, logistics, Energy and Agro sectors. The Group is the largest port developer and operator in India with Mundra Port being the flagship commercial port. The Flagship Company of the Adani group is Adani Enterprises Limited. In 2015, Adani was ranked India's most trusted infrastructure brand by The Brand Trust Report 2015. 

6.    East Hope, the Chinese counterpart signing the MoU, is a RMB 70 Billion Group, and is one of the largest corporate house in China, having business interests in Aluminum, Polysilicon, Power and Animal feed. The Group, headquartered in Shanghai, is one of the top 10 aluminum producer in the world, having 150 subsidiaries and 24,000 talent pool working for it. 

7.    Earlier in the year, with the facilitation of Indian Consulate to promote the Make in India initiative of the Government of India, a delegation from East Hope Group had visited Gujarat and met with representatives of the Adani Group along with the officials from Government of India and Government of Gujarat in April. The signing of the MoU today takes a step forward in the collaborative business linkages established since then.    

 Shanghai

June 19, 2017 

Enclosure :           Select pics of the event

 
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