India's Adani Group inked a deal with East Hope Group, one of China's largest companies, which will invest over $300 million to set up a manufacturing unit for solar power generation equipment in Gujarat.

"The MoU signed between the two leading companies from India and China proposes to set up manufacturing units in Mundra SEZ, Gujarat to produce solar power generation equipment, chemicals, aluminum and animal feed, and to put in place East Hope Group's engineering and industrial integration chain to recycle and economise the product cost at Mundra SEZ," said a statement.

An estimated investment of more than $300 million is expected to be made by East Hope Group in India, as part of the proposed cooperation between the two conglomerates.

East Hope Group, a 70 billion yuan company, is one of the largest corporate houses in China.

Headquartered in Shanghai, it is among the top 10 aluminum producers in the world, having 150 subsidiaries.