UK to invest 160 mn pound in 75 start-up enterprises

British Prime Minister Theresa May today announced that the UK will invest 160 million pound (about Rs 1,330 crore) across 75 start-up enterprises that will help generate new jobs.
She also announced an additional 20 million pound for a Start-Up India Venture Capital Fund.
The fund will support 30 enterprises and leverage additional 40 million pound capital from other investors, including UK venture capital funds.
"The UK is investing over 160 million pound across 75 start-up enterprises, which would create jobs and deliver critical services across several states in India," read the joint statement issued after the meeting of Prime Minister Narendra Modi and May here.

May is in India for a two-day official visit.
India was the third-largest investor in the UK and the second-largest international job creator, with Indian companies having created over 1,10,000 jobs in the UK. Britain is the largest G-20 investor in India.

Both the Prime Ministers called for greater participation of the investment community from both sides in stimulating Indian and UK economic growth.
"They agreed that the two governments, together with the CEO Forum, would review how the Forum can better support an enhanced economic and commercial relationship, alongside government dialogues," it said.
They also agreed that they will make it a priority for both the countries to build the closest possible commercial and economic relationship when the UK leaves the EU.

"To this end, the newly established Joint Working Group, reporting to JETCO, will discuss the detail of our trading relationship, and help drive progress," it added.