Modi German visit yields 11 pacts

06-May-2015 #Policy News Source: India Inc

Indian companies have signed 11 pacts with German firms on the back of Prime Minister Narendra Modi led delegation to the country last month.

The agreements will boost foreign fund inflows as well as the Make in India initiative, the Indian Parliament was told.

Indian commerce and industry minister Nirmala Sitharaman said: “These Memorandum of Understandings (MoUs) are expected to increase FDI flows to India, bring in new technology, help growth of manufacturing sector and create employment opportunities in the country thereby boosting its economy.

“Essel Group with Wind and Sun Technology Group/FeCon GmbH to develop 12500 MW of solar and 4000 MW of wind energy projects in India. Essel Group with Passavant Energy and Environment for water and waste water treatment projects.”

Among the other deals include Instrumentation Ltd’s pact with German-based KE Kauer Engineering for the production of control valves and Vikram Solar with Fraunhofer Institute for solar energy systems.

Hindustan Machine Tools (HMT) inked separate pacts with FT Machine Tools and Enit GmbH for collaboration in engineering sector.

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