Adani Enters MoU With East Hope

Chinese Most Ambitious Polysilicon Company East Hope Plans To Invest Over $300 Million In Solar And Other Fields In India
05:11 PM (Beijing Time) - 20. June 2017
n_bus_Partnership_Adani Enters MoU With East Hope_ab 2017-06-20

East Hope Group from China, which has business interests in a number of areas including polysilicon manufacturing, will now be collaborating with Adani Group to set up an unspecified solar manufacturing unit in India. (Photo Credit: Consulate General of India, Shanghai)

Key Takeaways

  • India’s Adani Group and China’s East Hope Group are planning to set up a manufacturing unit in Mundra SEZ, Gujarat
  • They plan to collaborate on developing a manufacturing unit for solar power generation equipment, though not specified
  • Other manufacturing units under the MoU signed include chemicals, aluminum and animal feed
  • East Hope Group, which has plans to set up 120,000 tons of silicon manufacturing capacity, has committed to investing more than $300 million on this partnership

Adani Group of India and East Hope Group of China have entered a memorandum of understanding (MoU) to set up manufacturing units in Gujarat. These would include a manufacturing unit to produce solar power generation equipment, though no details were shared in the release of the Indian Consulate in Shanghai.

Among other manufacturing units that the two companies will be partnering on include chemicals, aluminum and animal feed. All these will come up in the special economic zone (SEZ) Mundra in Gujarat.

According to a statement issued by the Consulate General of India in Shanghai the MoU was signed in China on June 19, 2017.

East Hope Group is expected to invest more than $300 million in India as part of the agreement. The company is one of the large privately started corporations in China with business interest in aluminium, polysilicon, power and animal feed. East Hope’s first 15,000 ton silicon facility in China is scheduled to ramp up this year and later expanded to 120,000, which would make the Chinese company the world’s largest supplier.

East Hope Group  representatives had earlier this year visited Gujarat and met representatives from Adani, state government and other officials.

Last year, it was reported that Adani was planning to collaborate with now bankrupt SunEdison of the US for integrated solar manufacturing. However, it finally never happened. It then started its own cell/module facility with 1,000 MW under Phase-I, also located in Mundra (see Adani Starts 1 GW Module Production). 

The Indian business conglomerate was expected to start polysilicon production at the existing facility. It has since put the plans on hold with no clarity from government and low demand of the material in the Indian market (see Adani Poly Project On Hold). With East Hope’s huge polysilicon plans, it is possible that Adani and the Chinese company might work together in this field or further downstream.

The MoU between Adani and East Hope Group was agreed to be converted into a definitive agreement within a period of 180 days.

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani