Facebook icon
Twitter icon
e-mail icon

Chinese firm wins massive Indian order for electricity generators

A Chinese company, Shanghai Electric Co Ltd, has secured a $10bn contract to supply coal-fired generators to India’s Reliance Power Ltd, in a deal financed by Chinese banks, business press reports said. 

Shanghai Electric is China’s biggest power-equipment maker by market value, and Reliance Power’s order may be the world’s largest for generators, Bloomberg reported.

Shanghai Electric will supply a total of 30,000 megawatts of generation equipment over the next three years, equivalent to about 18 percent of India’s current installed capacity.

Moreover, to support the deal, Reliance Power signed a $12 billion financing agreement with Export-Import Bank of China and other Chinese commercial banks, the Financial Times reported.

“This is not just about selling equipment,” the FT quoted Mr. Anil Ambani, the Indian billionaire and chairman of Reliance ADA, as saying. He described the deal as a strategic partnership.

We need your support

Sri Lanka is one of the most dangerous places in the world to be a journalist. Tamil journalists are particularly at threat, with at least 41 media workers known to have been killed by the Sri Lankan state or its paramilitaries during and after the armed conflict.

Despite the risks, our team on the ground remain committed to providing detailed and accurate reporting of developments in the Tamil homeland, across the island and around the world, as well as providing expert analysis and insight from the Tamil point of view

We need your support in keeping our journalism going. Support our work today.

For more ways to donate visit https://donate.tamilguardian.com.