China’s GCL, Adani of India plan PV industrial park in Gujarat
Solar panels. Author: University of Salford Press Office. License: Creative Commons. Attribution 2.0 Generic
China-based Golden Concord Holdings Ltd (GCL) said Friday it will join forces with Indian infrastructure company Adani Enterprises Ltd (BOM:512599) for a photovoltaic (PV) industrial park in Gujarat state.
The planned solar industry hub, located in the town of Mundra, will include a complete PV product chain. The two companies have other renewable energy projects in mind but specific details were not disclosed.
The strategic collaborative agreement was signed during Prime Minister Narendra Modi’s visit to China in June, according to the statement. Outside the green energy segment, the deal also covers certain petroleum logistics schemes and a proposed ecological health of the habitat garden.
In line with the Chinese government’s Road and Belt Initiative, India is GCL’s first foreign market for a “deeper commitment,” the firm noted.