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UK Trade Minister joins OPG Power Ventures in welcoming completion of thermal power plant in Gujarat and agreement to invest further £1.5 billion.
British Minister for Trade and Investment Lord Livingston, today welcomed the completion of a 300MW thermal power plant in Kutch, Gujarat, built by the UK company OPG Power Ventures. The company has already invested £400 million in India and has committed a further £1.5 billion to increase output to 2300MW.
Lord Livingston, leading a delegation of over 60 British companies to Vibrant Gujarat, said:
The economic relationship between the UK and India is strong and well-established. We are the largest major investor in India, and India invests more in the UK than in the rest of the EU combined.
Indian companies make a fantastic contribution in the UK, and British businesses are involved in excellent projects in India. Both countries are keen to pursue new opportunities to develop deeper business ties both in the UK and in India, and I am delighted to be leading such a strong delegation of British companies at Vibrant Gujarat.
Arvind Gupta, MD & CEO, OPG Power Ventures said:
Even as OPG’s completed 2 x 150 MW power station - the largest UK foreign direct investment in the state’s power sector - is readying for its inauguration this month, the group is preparing for its next major initiative in Gujarat: the implementation of a further 2300 MW of thermal power capacity.
We are sure that this new OPG initiative will not only contribute in time to meeting the further power needs of the state but will also serve as a continuing example of fruitful UK-India investment co-operation in building the country’s infrastructure.
OPG India is a subsidiary of OPG UK. OPG are a UK registered company employing 600 people in India. They have been listed on the London Stock Exchange since 2008. The thermal power plant in Kutch has been part financed by successfully raising £70 million equity on the exchange, something the India-UK financial partnership is seeking to promote.
the UK is a partner country at Vibrant Gujarat. Led by Lord Livingston, over 60 companies and 100 delegates will represent the United Kingdom at Vibrant Gujarat, one of the largest delegations of any country in 2015. The sectors covered include advanced engineering, manufacturing, retail, financial services, infrastructure, design and education. UK delegates range from global CEOs such as Vittorio Collao, of Vodafone and Sam Walsh of Rio Tinto, to smaller world leaders in their field such as DELCAM and Ricardo. Lord Livingston himself was the former CEO of BT and leads the UK government’s agenda on trade & investment.
the UK is India’s largest G20 investor, India invests more in the UK than it invests in the rest of the EU combined. The UK-India relationship is one of the most important that there is for both countries, which will be further strengthened by participation in Vibrant Gujarat.
last year the UK invested $3.2 billion in India, more than any other G20 country and more than Japan ($1.7 billion) and the US (just under $1 billion), who are ranked 2 and 3 respectively, combined.
aggregating all investment over the last 14 years, the UK still ranks No.1 in the G20 and accounts for ~10% of all investment into India over this period.
India is one of the biggest investors in the UK and invests more in the UK than it invests in the rest of Europe combined.
from 2008 to 2013 bilateral trade grew by almost 50% from ~£11 billion to ~£16.5 billion, despite a slowdown in both UK and Indian economies.
according to Thomson Reuters’ India M&A review for FY 2014, the UK is currently the top investor in Indian companies in terms of value of M&A activity, investing US$2.9 billion in 23 announced deals, and accounting for 25.3% of India’s inbound activity during 2014
For further information email Shireen Mistry