Bharti Enterprises signs multi-billion dollar MoUs with Chinese banks

Indian business conglomerate Bharti Enterprises on Saturday signed memorandums of understanding (MoU) worth billions with two Chinese banks.

The MoUs, which have been signed with the Industrial and Commercial Bank of China (ICBC) and the China Development Bank (CDB), have been inked for a period of ten years for the purpose of funding for equipment and other needs.

"We have signed two deals: USD two billion with the CDB and USD 500 million with the ICBC. These are for funding of equipment and other needs. It is for a ten-year period," Bharti Enterprises vice chairman and managing director Rajan Bharti Mittal said.

Mittal welcomed the setting up of a special task force to address the huge trade deficit between India and China.

"Over a period of time, we have to find ways and mechanics to find that Indian exports to China much more. IT and other issues also need to be addressed," he said.

Mittal also lauded the efforts of Prime Minister Narendra Modi to enhance the strained relationship between New Delhi and Beijing, both politically and economically.

"I think the Prime Minister has come with a clear agenda. He wants the relationship between the two countries to enhance, both economically and politically, and kudos to the Prime Minister for taking it head on," he said.

Earlier in the day, the Prime Minister met leading CEOs of China in Shanghai, which is the final leg of his visit to China. In the evening, he is scheduled to depart for the Mongolian capital Ulan Bator.