Shanghai, May 16: Private companies from India today signed a stack of deals with Chinese banks and enterprises for a combined investment of $22 billion, saving the Modi government's blushes after a disappointing day in Beijing where it wasn't able to break the logjam on the boundary question and received fewer commitments from China than it had hoped.
Twenty-seven Indian entities were involved in the deal-making but the break-up of the deals wasn't immediately available.
The Adani group and Bharti Airtel struck three deals each.
Adani Power raised funds from China Development Bank for three units of its Mundra power plant and signed another deal with Golden Concord Holdings Ltd for an integrated industrial park in the Mundra special economic zone. The Adanis and Golden Concord will also explore investment opportunities in gas power generation.
Adani Port and SEZ Ltd, a group company, signed a sister port relationship deal with Guangzhou Port Authority.
Bharti Airtel, the country's largest telecom company, is raising funds from China Development Bank. Two financing deals were signed between Rajan Mittal and Zheng Zhijie, president of the Chinese bank.
Bharti Airtel also signed a credit facility with ICBC Bank, one of the biggest banks in China.
Infosys signed a deal with the Qinnan Autonomous Prefecture to jointly build an industry corridor for information services. The software major also unveiled the master plan for its new campus in Shanghai.
Similarly, NIIT China tied up with the Gui'an New Administrative Committee.
Infrastructure financier ILFS signed a fundraising deal with ICBC Bank and another one with China Huaneng Group for a 4,000MW coal-based thermal power project.
The GMR Group teamed up with GIIC to set up an industrial park in Kakinada in Andhra Pradesh that will house high-end Chinese companies. The Chinese are already committed to building industrial parks in Maharashtra and Gujarat and this is the third one.
Modi had indicated yesterday that the government would be looking to set up more industrial parks in other states with Chinese help.
The Gujarat government too signed a deal with China Small and Medium Enterprise Investment Ltd for two more industrial parks in the state: one exclusively for textiles and the other for general purposes.
Modi has been keen to expand power generation capacity through alternative energy sources, especially solar power. There were two deals in this area: Sun Group's Shiv Vikram Khanna has signed a collaboration agreement with Canadian Solar Power China Ltd for a 5,000MW solar power project that will come up in the next five years. The Essel group will establish a solar cell and module manufacturing unit with the help of JA Solar.
Ravi Uppal, CEO of Jindal Steel and Power, signed a financing deal with ICBC Bank but it isn't known for which project.
Axis Energy Ventures & Global Wind Power signed a tripartite memorandum of understanding with Mingyang Wind Power. The name of the third partner is not known.
Bhushan Power and Steel Ltd plans to set up a hot-rolled steel coil project in collaboration with China National Technical Import and Export Corporation.
ICICI Bank announced the inauguration of its first bank branch in China.
The high point of the day was a one-hour closed-door interaction between Modi and 21 CEOs from China's leading companies, including Jack Ma of the Alibaba group, Wang Jianlin of Wanda Group, Si Zefu of Dongfang Electric, Sun Yafang of Huawei, Lin Bin of Xiaomi, Chen Hong of SAIC Motor and Xu Lejiang of Baosteel.
The CEOs voiced their interest in deepening their focus on India as a market and a production base, and more fully integrating India into their global plans. They were invited to share suggestions for further enhancing business ties between the two countries.
