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After a number of false starts in recent years, it seems that India Prime Minister Narendra Modi's landslide election victory and a strong mandate have finally opened the way to a broad strategic partnership between Beijing and New Delhi.
Closer economic and political ties with China have been an important part of Mr. Modi's election program. He wants India to catch up and compete with China and, in order to do that, he advocates the need for "skills, scope and speed."
So far, he seems to have got the speed right. China and India have quickly moved to establish wide-ranging consultations on bilateral issues. China's Prime Minister Li Keqiang was the first foreign leader to place a congratulatory call after Mr. Modi's election, expressing Beijing's desire to set up a "robust partnership" with India. The Chinese Foreign Minister Wang Yi followed with a visit to Delhi, and India's Vice President Hamid Ansari made a five-day trip to China where memoranda were signed about Chinese companies' plans to build industrial parks in India.
The China-India summit meeting in Fortaleza, Brazil, on July 14, 2014 (on the eve of BRIC's two-day meeting) is the first in a number of forthcoming summits scheduled for this year. According to Indian media, that first encounter has been quite successful; it lasted 80 minutes – double the originally allotted time – prompting the Indian leader to tweet that he "had a very fruitful meeting with Chinese President Mr. Xi Jinping. We discussed a wide range of issues."
Debt-laden Jaiprakash Power Ventures Ltd (JPVL) on Sunday said it had signed a deal to sell its entire hydropower portfolio to Reliance CleanGen, a wholly-owned subsidiary of Anil Ambani-controlled Reliance Power (R-Power).
JVPL has a hydropower asset base - three plants with an asset life of 50 years - worth a little over Rs 10,000 crore and with a cumulative capacity of 1,800 Mw.
An R-Power statement said: "Reliance CleanGen has signed a memorandum of understanding with JVPL for acquisition of its entire hydroelectric power portfolio." SBI Capital Markets was the advisor for this transaction.
R-Power, which had a total debt of Rs 1,877 crore on its books as of March 2013, refused to divulge how it planned to finance this deal. The company had reported a net profit of Rs 244 crore on a total income of Rs 1,811 crore for the June quarter of this financial year.
The development comes only three days after Abu Dhabi National Energy Company, or TAQA, pulled out of an agreement to acquire two of JPVL's hydropower plants.
India may soon become the preferred destination for international investors as the country's weight in global emerging market (GEM) funds has hit a record high of 10.5% in June. These funds are overwhelmingly bullish on India, says a Merrill Lynch survey of 60 global investors.
India's weight among GEM funds was 7.5% during the peak of 2007, which later declined below 5% in the middle of 2008. The weight rose to 8.5% in November 2010, but dipped below 5% within a year. However, it started rising since September last in the hope of a business-friendly government at the Centre, and ever since Narendra Modi won the elections by a thumping majority, reigniting hopes of a revival of stalled projects, Sensex has been flirting with greater heights.
Foreign institutional investors ( FIIs) have pumped in nearly Rs 69,000 crore so far this year in Indian equities. As a result, the Sensex surged 23% in rupee terms, and 20% in dollar terms, outperforming almost all major global Indices.
"Over the past two weeks, we have met nearly 60 investors. There's practically no debate that re-rating would drive markets, but in the near-term, some investors agreed that there could be a slight pullback due to global concerns and a possible monsoon failure. But most wanted to buy in the dip," said Merrill Lynch.
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