Shanghai: On the third day of his visit to China, Prime Minister Narendra Modi met CEOs of top Chinese companies in Shanghai on Saturday. Taking ties to a new level, 21 Memorandum of Understandings were signed between Indian and Chinese companies.
Modi who interacted with CEOs of 22 companies, invited them to participate in his 'Make in India' campaign and listed the 5F formula. He said, "I have come to say to you Make in India. The 5F Formula - From Farm to Fibre to Fabric to Fashion to Foreign! India and China can together give something to the world."
In a major takeaway, Bharti enterprises and IL&FS signed deals worth $2.5 billion and $3 billion respectively. Bharti Enterprises also signed two MoUs worth $2.5 billion with two banks - $2 billion with CDP and $0.5 billion with ICBC.
Rajan Bharti Mittal, Vice Chairman of Bharti Enterprises, said, "Predominantly equipments will be from China. The deal is both for African and Indian markets."
IL&FS also inked two MoUs for infrastructure financing. IL&FS CEO Ramesh Bawa said, "We have inked a $1 billion MoU with ICBC for infra financing of projects in China and India. Other MoU is to finance Kutch power project for upto $3 billion. This MOU is with the state-owned China Huaneng company, the largest state-owned power producer in China."
Representatives from top Chinese companies such as Alibaba, Xiaomi and Huawei attended the meet. Alibaba Chairman Jack Ma said, "We are excited about India. We are excited about Make in India and Digital India."
Backing Jack Ma, SANY Chairman Liang Wengen said, "We are full of hope about India, which offers a dynamic work force and huge market".
Modi will also address to the Indian community in Shanghai today.
Later in the day, Modi will leave for Mongolia which is the second-leg of his three-nation tour.
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