Economic Partnership signing ceremony: Indian, French companies sign pacts worth 13 billion euros
The Indian Express , Mar 11, 2018
Indian and French companies exchanged 19 contracts and agreements worth over 13 billion euros in sectors including new and renewable energy, smart grid, nuclear energy, aviation, cement, telecom among others. The agreements were formalised at the Indo-French Economic Partnership signing ceremony here on Saturday in the context of French President Emmanuel Macron’s visit to India.
The biggest deals signed on Saturday, in terms of value, was from the civil aviation sector, where low-cost carrier SpiceJet inked a $12.5-billion (around 10.5-billion euro) agreement with French aviation major Safran Group for supply of 155 CFM LEAP-1B engines for the airline’s Boeing 737 MAX aircraft, along with spare engines to support the fleet. Safran also announced its eighth facility in India at Hyderabad, with 250 employees, for production of harnesses used in civil and military aerospace applications, for both local and foreign programs.
Airports Authority of India, too, signed an agreement with French engineering company Egis for conducting study of three airports in the country — Lucknow, Pune and Trichy. Apart from this, French cement maker Vicat announced an investment of Rs 1,200 crore in Karnataka to double its production capacity and an investment of Rs 510 crore in a cement-grinding unit in Andhra Pradesh.
Further, four French companies — EdF International Networks, Citelum, G2M and Solstyce — signed an agreement to work together for developing charging infrastructure in India to support electric mobility. In the new and renewable energy sector, Bharat Light & Power and EDF renewed their contract pertaining to data acquisition to optimise wind and solar energy production; and a general collaboration agreement was signed between the French Commission for Atomic and Alternative Energy (CEA) and Vikram Solar to increase the production capacity of high performance solar cells and modules, apart from several other pacts on renewable energy.