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India-UK Sign Civil Nuclear Agreement
Nov 16, 2015

India and Britain signed a civil nuclear cooperation agreement after the two sides held delegation level talks in London on 12 November, the first day of Prime Minister Narendra Modi's three-day visit to Britain.

  • The agreement for cooperation in India's Global Centre for Clean Energy Partnerships will strengthen safety and security in the global nuclear industry.

  • India PM said that India attached great value to defence and security cooperation with Britain, including regular exercises and defence trade and collaboration.

  • UK will participate in the International Fleet Review in India in February 2016.

  • Britain would help build the smart cities of Amravati, Indore and Pune.

  • UK will also be a strong partner in India's defence modernization plans, including our 'Make in India' mission in defence sector.

  • Britain is the third largest investor in India, and there is more investment from India in Britain than in rest of the European Union combined.

  • The UK accounted for 8.56 per cent of total foreign direct investment in India during the last 15 years. Indian companies employ 110,000 people in the UK.

  • India will launch a new fast track mechanism for UK investments in India. The revival of India-UK CEO Forum is a positive step in this direction.

The partnership between the two countries includes peace and stability in Asia, especially in South Asia and West Asia, maritime security, cyber security, and terrorism and extremism.

Commercial Deals

India and the United Kingdom also signed 6 commercial deals of 9.2 billion pounds.

1. Vodafone to invest £1.3 billion in upgrading and expanding its network in India; creating new tech centres in Pune and Hyderabad and creating new data centres and a new payment bank.

2. Light Source to invest £2 billion in India to design and manage 3GW of solar power over next five years which will lead to creating 300 jobs in India as well as 300 in Britain.

3. Intelligent Energy - signed a £1.2 billion contract to provide clean energy to 27,400 telecoms towers in India and towards the deployment of hydrogen fuel cell power.

4. King's College Hospitals Foundation Trust and Indo-UK Healthcare to set up a hospital in Chandigarh. This will be the first of 11 new India-UK hospitals in India. Over a period the deal will be worth £1 billion investment into Indian healthcare.

5. India Bulls to invest £66 million in British start-up bank Oaknorth.

6. Yes Bank and London Stock Exchange (LSE) signed a bond and equity issuance deal in green infrastructure finance and have future plans to issue a green bond to the tune of £300 million.
 


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