The rise of India and the wave of upcoming industrialization and infrastructure means the demand of iron and steel will increase rapidly. Chinese and Australia's enterprises is joining hands and aiming at the opportunities behind it and become the pioneer of "B&R" investment project.
Henan WEIHUA group, a Chinese leading lifting machine manufacturer, signed initial cooperation deals with NSL Consolidated Limited(ASX:NSL). Both sides agree to build up steel plant in India.
On May 17th, NSL reveals both sides expressed cooperation intentions in the signed MOU. On the one hand, WEIHUA provides all steel-making equipment; On the other hand, NSL rely on the relationship with local government to obtain the approval of land, electricity, water and other public infrastructure service. The unity will follow Chinese governments' investment project of "B&R" and get the support from AIIB.
The headquarter of WEIHUA group, located in Changyuan, Henan province, is a Chinese leading lifting machine manufacturer. The company 's revenue reach at 1 billion dollars in 2015 according to the report. WEHUA hopes to realize the diversity of source of revenue.
India has great potentials for economy development and owns many investment opportunities, WEIHUA argues.
It is reported WEIHUA has attained most rights and interests of the new factory and stored the necessary key equipment unit.
ACB News reported that NSL is the only one of India's foreign companies which owns and operates steel plant.
The development of Andhra Pradesh' s super industrial hub project is the important foundation of MOU signed with WEIHUA. The hub is 30 km's away from NSL and covers an area of 28,000 hectares. It can holds four airports in the future.
The report also added that WEIHUA group has a strong relationship with AIIB which specially provide financial support for Asian-Pacific region's infrastructure construction. NSL will continue to cooperate with WEIHUA closely and both sides will put MOU forward into a next step.