India-China up bilateral co-operation; sign two deals
February 22, 2011

Last week, Indian and Chinese companies struck two large deals in the infrastructure and stainless steel sectors. One of the deals, involves constructing a road in Jammu & Kashmir, near the India-China border.

Baosteel Resources, the Baosteel group’s resources subsidiary, China’s second-largest steelmaker by output, signed an agreement with India’s Ferro Alloys Corporation (Farco) to secure continued ferrochrome supply to support stainless steel production. Inking the second year of the agreement between the two steel companies. Ferrochrome is an alloy mainly used to produce stainless steel. While the volume or value of the deal was not revealed, it does still expose China’s hunger for India’s metals. Farco is India’s top ferroalloy producer, making 140,000 tonnes of high-carbon ferrochrome annually. The two companies also discussed cooperation in the supply of coking coal, a key steelmaking ingredient and developing resources overseas, Reuters reported.

The second Indo-China deal signed last week was a Joint venture between Hyderabad-based infrastructure firm Ramky Infrastructure and China’s Jiangshu Provincial Transportation Engineering Group Company. The JV for which Ramky Infrastructure has tied up debt worth Rs. 1,400 crore with ICICI Bank will execute the Srinagar-Banihal road project in Jammu and Kashmir at a total cost of Rs.1,625 crore. Ramky Infrastructure holds 74 percent in the joint venture which will design, build, finance, operate and transfer the project for National Highway Authority of India (NHAI).

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