India, France ink chopper venture !
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India and France have signed 16 agreements including an agreement between Airbus Group and Mahindra for manufacture of helicopters and three MoUs under the ‘Smart City’ theme.
The agreements were signed at India-France Business Summit in Chandigarh yesterday. The agreements cover a wide range of sectors like urban development, urban transport, water and waste treatment and solar energy. The MoUs were signed in the presence of Prime Minister Narendra Modi and French President Francois Hollande, who began his three-day visit from Chandigarh yesterday.
As part of ‘Make in India’ initiative, an agreement was signed between Airbus Group and Mahindra to manufacture helicopters. Three MoUs were signed under the ‘Smart city’ theme for city-specific urban development between French Development Agency with the state governments for the cities of Chandigarh, Nagpur and Puducherry.
A joint Venture between Indian SITAC group and EDF Energie Nouvelles was signed to acquire 50 per cent stake in its renewable energy business in Gujarat. This joint Venture investment is worth 155 Million Euros in 2016 and would generate 142 MW power. Its objective is to produce one gigawatts wind energy in five years period.
A letter of intent between CEA (the French Alternative Energies and Atomic Energy Commission) and CG (Crompton Greaves) was also signed during the business summit.
Another Letter of Intent was signed between CEA and Green Ventures. The CEA will work on off grid solar photovoltaic projects in the Indian rural areas with the aim to deliver tangible climate change benefits.
Besides, nine French companies signed MoUs with Engineering Projects India (EPI) Ltd, a public sector company fully owned by the government of India.
The MoUs between the nine companies and the EPI are in the field of new and cutting edge French technologies for smart and sustainable cities.