France has announced $10 billion (Rs 67,540 crore) investment in India over the next five years, which will largely cater to the industrial sector in the country
The French President’s Francois Hollande visit to India for the India-France Business Summit and as the chief guest at the Republic Day celebrations has finally seen the crucial Rafale deal being signed, for the purchase of 36 fighter jets from the European country. However, the amount of the deal is yet to be finalised.
Apart from this, the two countries have sealed 19 deals, including 13 Memorandum of Understanding (MOUs).
France has announced an investment of $10 billion (Rs 67,540 crore) in India over the next five years, which will largely cater to the industrial sector in the country. Here are all of the deals that came out of the French President’s visit to India.
1. Indian Space Research Organisation (ISRO) and Centre National D’études Spatiales (CNES) implementation agreement on hosting Argos-4 payload on board India’s Oceansat-3 satellite.
2. ISRO and CNES implementation agreement on a future joint Thermal Infrared earth observation mission.
3. Letter of intent on CNES, French participation in ISRO’s next Mars Mission.
4. Shareholding agreement in the joint venture between Alstom and Indian Railways for the production of 800 electric locomotives in Madhepura, Bihar.
5. Agreement between Indian Railways and SNCF, French Railways for the joint feasibility study for the renovation of Ludhiana and Ambala railway stations.
6. MoU between Food Safety and Standards Authority of India (FSSAI) and Agence nationale de sécurité sanitaire de l’alimentation (ANSES) in food safety.
7. A partnership agreement on cooperation in Public Administration.
8. Declaration of intent for conducting next round of Namaste France (Indian festival) in 2016 and Bonjour India (French festival) 2017.
9. Cultural exchange programme for the period 2016-2018
10. Agreement for the establishment of an Indo-French Ministerial-level Joint Committee on Science and Technology.
11. MoU for Industry Sponsored Ph.D fellowship between IIT Mumbai and Thales Systemes Aeroportes.
12. A cooperation agreement between IISER, Pune and ENS de Lyon (France) for joint research, teaching, exchange of personnel, etc.
13. Agreement of cooperation between CNRS, TB, UBO, UBS, ENSTA Bretagne, ENIB (French Universities) and IIT Mumbai in the field of Higher Education and Research.
14. MoU for the purchase of 36 Rafale Fighter jets.
15. A solar alliance between France and India with the foundation of International Solar Alliance (ISA).
16. Joint co-operation between India and France to prevent off-shore tax evasion and steps to strengthen the exchange of information between both countries.
17. Agreement between Mahindra Aerospace and Airbus Group for the manufacture helicopters.
18. Three MoUs under the ‘Smart City’ scheme between French Development Agency and the state governments of the cities of Chandigarh, Nagpur and Puducherry.
19. A joint venture between Indian SITAC group and EDF Energie Nouvelles signed to acquire 50% stake in the renewable energy business in Gujarat. The JV will invest 155 million Euros in 2016 and generate 142 MW power. Its objective will also be to produce one gigawatts of wind energy over 5 years.