Hebei Iron and Steel Group Co. (HBIS) and CITIC Group have agreed to set up two joint ventures for deepening cooperation on energy conservation, environmental protection and medical industries.
Under the agreement signed by the two sides, HBIS and CITIC Environment Investment Group will build a JV to develop businesses concerning industrial energy conservation, urban energy conservation and energy environmental protection via building platforms, sharing channels, financial innovation and resources integration.
Also, HBIS and CITIC Private Equity Funds Management Co. will build a JV to develop medical business. CITIC Private Equity Funds has abundant experience in investing in the healthcare industry, CITIC Group chairman Chang Zhenming said.
As the steel industry struggles in the mud, many of Chinese steelmakers seek for growth in other industries to make up for the bad performance of the main business of steel.
Latest comments