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France signs deals worth $16 billion in India; to deepen defence, security ties

Reuters  |  PARIS/NEW DELHI 

PARIS/(Reuters) - French and Indian companies signed contracts worth 13 billion euros ($16 billion) on the first day of Emmanuel Macron's visit to on Saturday, the French presidency said in a statement.

The deals include a contract for France's to supply Jet with engines, water system modernisation by Suez in the southern city of and a contract between company and Sterlite.

Macron and Indian - addressing a conference in - also committed to strengthening their partnership on defence and security.

"Whether it's the environment, naval security and resources, or freedom of navigation and overflight, we are committed to making our partnership stronger on all these fronts," Modi said. "We consider one of our most reliable defence allies."

He also hailed France's commitment to making defence and in and contributing to Modi's flagship "Make in India" plan to boost

Macron said the countries had decided to do more together to fight terrorism and put together a strategy to share intelligence.

"Our navies will be able to call our respective military bases ... we will also have our space agencies conducting some joint monitoring of the maritime area," Macron said.

"The Pacific or the cannot be places for hegemonic powers."

Macron's office said some 200 million euros of investment would be made It did not provide a breakdown of the value or details of the business contracts.

In a statement later on Saturday, Indian carrier Jet disclosed details of the engine deal - it will spend $12.5 billion to buy engines from CFM International, the co-owned by and France's Safran, and have them serviced.

As part of the deal, Jet will buy LEAP-1B engines for its 155 MAX aircraft as well as spare engines. CFM will provide maintenance for all LEAP-1B engines that power SpiceJet's 737 MAX planes for 10 years, the statement added.

A so-called "Industrial Way Forward Agreement" was signed between French utility EDF and India's NPCIL for the construction of six nuclear reactors at Jaitapur.

Negotiations over the construction of next-generation nuclear reactors in have been dragging on for years.

It was not immediately clear whether the individual contracts were firm orders or letters of intent. ($1 = 0.8127 euros)

(Reporting by Michel Rose, Zeba Siddiqui and Sankalp Phartiyal; Editing by Cynthia Osterman, and Peter Graff)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, March 10 2018. 23:54 IST