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Prime Ministers Narendra Modi and David Cameron jointly welcome the launch of the GREAT Collaborations campaign between the UK & India.
In response to Prime Minister Narendra Modi’s call to the world to Make in India, the UK is launching a campaign to celebrate and inspire GREAT Collaborations between the UK and India. The campaign will over time showcase and promote areas of collaboration that benefit both countries across a range of sectors such as energy, healthcare, advanced manufacturing, financial services and infrastructure.
The first showcase ‘GREAT Collaboration’ is the partnership between UK’s BP plc and India’s Reliance Industries Limited (RIL) in developing and producing much needed energy.
Following an initial investment by BP of over $7 billion in 2011, BP and RIL plan to invest over $1.5 billion in deep-water exploration and production by 2016, with c. 50% spent to date. In addition to two major gas discoveries announced in 2013, this investment is enabling deployment of world-leading technologies for deep-water gas in India for the first time in India to sustain production and improve recovery.
Their partnership has combined BP’s technology and skills with Reliance’s execution and operational capability, culminating in two major discoveries and additional production. Subject to regulatory decisions, RIL and BP are keen to progress additional investments of around $10 billion to produce 3-4 trillion cubic feet of gas from new fields in their K6 D6 deep-water block.
British Prime Minister David Cameron said:
I am proud of the depth and breadth of the UK’s links with India. British companies such as Standard Chartered, GSK, Hindustan Unilever, BP and Vodafone have been making in India for decades. And companies such as Tata, Mahindra and CIPLA are operating in the UK and India, benefitting both of our countries.
Through this campaign we want to inspire and showcase more such GREAT Collaborations across all the sectors we work together on. It underlines our support for Prime Minister Modi’s Make in India campaign and celebrates India and Britain making GREAT things together.
Prime Minister of India, Narendra Modi, said:
I am pleased that British industry, supported by its Government, is responding enthusiastically to our call for ‘Make in India’. UK has been one of our strongest economic partners and a leading investor in India. UK is known for its strength in technology and innovation. India offers vast opportunities through its markets, skilled human resources, competitive economic environment and location.
Our businesses also operate in the familiar context of democratic polity, rule of law, language and management practices. This creates an unbeatable combination to forge successful partnerships that can bring immense benefits to both countries. India’s new investment climate will, I hope, attract an even greater number of British businesses to set up manufacturing bases in India.
Mukesh Ambani, Chairman of RIL, and Bob Dudley, Group Chief Executive, BP, jointly said:
We are delighted to be part of launching GREAT Collaborations in support of the Make in India initiative. Our partnership is focused on introducing cutting edge technology and building skills to be part of India’s quest for attaining energy security. The relationship between our two companies is a great example of what can be achieved by India and the UK working together at scale.
Measured by FDI the UK is already the biggest G20 ‘maker’ in India. Last year the UK invested $3.2 billion in India, which was more than the second and third largest G20 investors into India combined. Adding all FDI into India since 2000 the UK is still the biggest G20 investor, accounting for almost 10% of all FDI flows into India. Likewise, Indian companies are amongst the biggest investors in the UK. The innovations developed through these collaborations have hugely benefited both countries.
The UK’s core strengths of innovation and creativity and India’s unrivalled potential, talented workforce and ambitions for growth make the UK and India natural collaborative partners.
the UK is a partner country at Vibrant Gujarat. Led by Lord Livingston, over 60 companies and 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 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 billon 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
the technologies being deployed by RIL-BP in the D1D3 and D26 fields in Block KG D6 include the use of surfactants, gas recycling and drilling of complex side track wells for deep-water gas fields.
RIL and BP advise that additional investments of around $10 billion to produce 3-4 trillion cubic feet of gas from new fields in KG D6 deep-water block are dependent on clarity on long term domestic gas prices
For information please contact:
Stuart Adam, Head
Press and Communications
British High Commission, Chanakyapuri
New Delhi 110021
Tel: 44192100; Fax: 24192411