UK defence firms keen to expand in India -business council

  • 📰 Reuters
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

British defence companies are planning to boost tie ups or make new investments in India, amid broader efforts to diversify their supply chains, an industry body said on Thursday.

"We have got a group of 22 British defence companies, with collective revenues of about $60 billion, really focused on doing business with and in India," UK-India Business Council Chief Executive Richard McCallum told Reuters.

Among those with a presence in India's aerospace and defence sector, BAE Systems has an Indian unit, while MBDA has a venture with Larsen & Toubro, and Rolls-RoyceMcCallum did not say which firms will make new investments or which Indian companies they might be in talks with.India and Britain are also negotiating a free trade deal that could boost annual bilateral trade by billions of dollars.

But challenges on enforcement of contract and past decisions on retrospective taxes that led to years of legal disputes between the Indian government and companies like VodafoneEven though Prime Minister Narendra Modi's government has corrected some of these issues investors remain cautious.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines