The Indian nuclear energy space has attracted interest of seventy French companies, which are eyeing investment opportunities here.
Around seventy companies are keen on investing in the nuclear energy space of India, French Ambassador Jerome Bonnafont said on Monday. ?These companies are from sectors like components, services, turbines, banking and insurance,? Bonnafont said.
French nuclear company Areva already has a tie-up with state-run Nuclear Power Corporation of India (NPCIL) to establish up to six nuclear reactors in India and supply of 300 tonne uranium. The two have identified some sites to establish two reactors at Jaitpur in Maharashtra. Another French firm Alstom has also been reportedly selected as a partner by Bhel-NPCIL joint venture for manufacturing equipment for the nuclear reactors.
The ambassador said private bank BNP Paribas, insurer AXA and civil engineering firm Vinci Construction also want to enter the Indian nuclear power sector. The two countries had signed the bilateral nuclear cooperation agreement in 2008, opening doors for French companies to invest in India?s nuclear energy for civilian use.
Bonnafont also invited Indian companies to invest in France, saying that foreign direct investment to France from India was low. ?Flow of Indian investment in France is very limited. French government wants more Indian investments in France,? he told reporters.
The ambassador said that only 90 Indian companies have presence in France, ?which is too small when compared to about 700 French firms that have made investments in India,? he said. Indian investments in France in 2008 were estimated at 363 million euro.
Bonnafont said the political relationship between the two countries have grown stronger in the past few years. ?The two countries have made rapid progress in the fight against terrorism, modernisation of the Indian armed forces and cooperation in the civil and nuclear field,? he said.
He said the target of India and France to double their Euro 6 billion trade by 2012 may not be met due to the economic slowdown. ?It would be difficult to reach this target as it has been slowing down a lot this year. So we have to catch up rapidly in the next two years and it would be one of our focus,? he said.
India, US finalise pact on nuclear fuel
Setting a positive tone for Prime minister Manmohan Singh?s visit to Washington DC to attend the April 12-13 Nuclear Security Summit, US Ambassador Timothy J Roemer has announced the finalisation of a pact with India on re-processing US-origin spent nuclear fuel, a critical step that will enable the two countries to implement their ?historic? nuclear deal.
Commenting on the Reprocessing Arrangement, on Monday, the US envoy said that, ?This important step is part of the great, win-win narrative of the US-India global partnership, affirming the commitment of our two countries to realize the full potential of our landmark civil nuclear agreement.?
?These arrangements will help open the door for US firms in India?s rapidly expanding energy sector, creating thousands of jobs for the citizens of both our countries. The US and India are one step closer to ensuring greater access to clean and affordable energy and electricity for all Indians, particularly those most in need,? he added.
According to a release from the embassy, Roemer said, ?Along with the great progress our countries are making in the realm of civil nuclear energy, we recognise that PM Singh shares President Obama?s bold vision for a nuclear weapons-free world. And, we applaud India?s track record on nonproliferation issues, and we look forward to continue cooperation in this area.?