BEIJING/AHMEDABAD: East Hope Group, one of China's largest private companies, will invest $300 million in setting up manufacturing units at the Mundra SEZ in partnership with Indian infrastructure giant Adani Group.
The memorandum of understanding (MoU) signed by the two firms proposes to set up manufacturing units in Mundra Special Economic Zone (SEZ) in Gujarat, 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 Mr. Amit Uplenchar, President of Adani Ports and Special Economic Zone and Mr. Meng Changjun, President of East Hope Group (Investment) in the presence of Consul General Mr. Prakash Gupta.
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 houses in China.