$13.7 billion deals announced by United Kingdom and India

$13.7 billion deals announced by United Kingdom and India


Prime Minister David Cameron on Thursday said British and Indian companies will sign deals, including a civil nuclear agreement, worth a total of $13.7 billion during his Indian counterpart Narendra Modi’s visit to Britain.

Cameron made the announcement in a joint press conference with Modi, saying that new rupee-denominated bonds would likewise enable debt to be issued by the Indian companies in London.

Cameron said London wanted to support Modi in his vision to transform India with education and improved infrastructure.

“We want to become your number one associate for supporting the financing needed for (Modi’s) ambitious strategy, making London the world’s center for abroad rupee trading,” he explained, adding: “We’re getting that started with plans already in place today to issue over 1 billion pounds in bonds right here in London.

“During this visit British and Indian companies are announcing new collaborations together worth more than nine billion pounds,” Cameron said.

Talking on the occasion, Modi said India considered Britain to be its portal into Europe.

“We continue to view the UK as our entry point into the EU,” Modi, speaking using a translator, told reporters.

Prime Minister David Cameron plans to hold an in-out vote from the end of 2017.