Deals worth 13 billion euros (over Rs 1 lakh crore) across areas like aviation, renewable energy and waste management were today signed between Indian and French companies and government entities.
No-frills airline SpiceJet inked a USD 12.5 billion (about Rs 81,000 crore) deal with French major Safran Group for CFM aircraft engines, while cement firm Vicat announced two investment deals worth over Rs 1,700 crore, among other deals.
"The contracts exchanged today represent the deepening and diversification of our economic relations. The value of these contracts is about 13 billion euros," French Minister for Europe and Foreign Affairs Jean-Yves Le Drian said at the Indo-French Economic Partnership signing ceremony here.
He further said: "We want our economic relations to attain the same level of trust and confidence as our political relations".
Power Minister R K Singh said that in the next two to three years alone, "I see an investment of about USD 125 billion in my sector alone. We are going to establish 1,20,000 MW more in my sector alone. So, the future potential is immense".
He is also in charge of New and Renewable Energy Ministry.
According to him, the established renewable energy capacity is 65,000 MW and is to be increased by another 1,10,000 MW in the next two to three years.
About the International Solar Alliance, Singh said the push is now to make the grouping not only limited to 121 countries.
"... we have been getting requests from countries which are beyond the Tropic of Cancer and Capricorn to open the membership to them as well," he added.
FICCI President Rashesh Shah said India and France can collaborate in a number of areas, including climate action and renewable energy, aviation, electric vehicles and fintech sectors.
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