The memorandum of understanding (MoU) signed between Adani and East Hope Group proposes to set up manufacturing units in Mundra special economic zone in Gujarat to produce solar power generation equipment, chemicals, aluminium and animal feed, a statement by the Indian Consulate in Shanghai said.
Indian conglomerate Adani Group has signed an Memorandum of Understanding (MoU) with East Hope Group, one of China’s largest private companies, to invest $300 million in a manufacturing unit of an Indian port.
A statement made by the Indian Consulate in Shanghai said that the MoU proposes to set up manufacturing units in Mundra special economic zone (SEZ) in Gujarat to produce solar power generation equipment, chemicals, aluminium and animal feed.
Furthermore, it will also put in place East Hope Group’s engineering and industrial intergration chain to recycle and economise the product cost at Mundra SEZ.
Amit Uplenchwar, the President of Adani Ports and SEZ and Meng Changjun, the President of East Hope Group (investment) signed the MoU in the presence of Prakash Gupta, Consul General, on June 19.
According to the statement, 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.
As part of the proposed cooperation between the two companies, the estimated investment of more than US $300 million is expected to be made by the East Hope Group in India.
East Hope is a Renminbi 70 billion Group and is one of the China’s largest corporate house having business interests in aluminium, polysilicon, power and animal feed.