UK-India trade ties deepen with £240 million energy investment

Facebook
Twitter
LinkedIn
Reddit
Email
Chancellor Philip Hammond visited Delhi and Mumbai earlier this week for the 9th UK-India Economic and Financial Dialogue.

A joint investment of £240 million has been unveiled by the UK and Indian governments to encourage investment into India’s rapidly growing energy and renewables market and deepen trading ties between the two countries.

UK chancellor Philip Hammond visited Delhi and Mumbai on Tuesday as part of the 9th UK-India Economic and Financial Dialogue (EFD), hosted by Indian Finance Minister Arun Jaitley. As the UK prepares to leave the European Union, Hammond was expected to engage in high level talks aimed at expanding the UK’s economic and trading relationship with India.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

As part of these efforts, investment from the City of London is to be encouraged into India’s energy sector through a UK-India sub-fund of India’s National Investment and Infrastructure Fund. With a core investment of £120 million from each government, this will aim to raise £500 million for Indian infrastructure projects.

The fund will focus initial investments on India’s rapidly growing energy and renewables market and a fund manager is expected to be selected by the autumn.

Hammond said: “As we prepare to leave the European Union, it is more important than ever that we strengthen our relationship with India, one of the world’s leading economies and one of our oldest friends and allies.”

The UK’s secretary of state for business, energy and industrial strategy (BEIS) has also landed in India to take part in the first talks between the two countries dedicated to deepening energy cooperation between the two countries.

Greg Clark will meet with his ministerial counterparts over the two day visit (6-7 April) as part of the inaugural India-UK Energy for Growth Dialogue, which will seek to agree priority areas for bilateral collaboration and a business delegation of over 40 companies will explore commercial opportunities.

Representatives from across power, renewables, oil and gas will discuss future direction for the energy sector, infrastructure financing, and opportunities for wider collaboration.

In addition to energy, Clark will also engage in discussions on climate change and wider UK-India ties supporting research and innovation as part of the UK’s emerging industrial strategy.

Speaking ahead of the visit, the minister said: “On my second visit to India since taking office, I look forward to discussing our shared priorities of providing secure, affordable and sustainable energy. It is clear that building greater collaboration between the UK and India in the energy sector has the potential to increase prosperity and growth in both our nations.

“As we deliver on the shared commitment to provide sustainable, secure and affordable energy in both our countries, the India-UK Energy for Growth Dialogue will enable us to explore the immense shared economic opportunities lying ahead.

“India invests more in the UK than in the rest of the EU combined, while the UK is the biggest G20 investor in India. I look forward to discussing how the UK government’s Industrial Strategy will increase the prospects for shared trade, investment and energy innovation between our two great countries.”

According to BEIS, the Energy for Growth Dialogue takes forward a commitment made by Prime Ministers Narendra Modi and Theresa May during the latter’s visit to India in November last year when plans were unveiled for a £10 million joint research and development centre to support solar innovations.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

June 12, 2025
Sustainable Energy for All (SEforALL), an independent organization, hosted by the United Nations Office for Project Services (UNOPS) has partnered with Indian government-owned electricity generator the National Thermal Power Corporation (NTPC).
June 10, 2025
Independent power producer (IPP) Jakson Green has secured 1GWp operation and maintenance (O&M) project for four projects across India.
June 9, 2025
Saatvik Solar, a unit of Saatvik Green Energy Limited (SGEL), is building a 4.8GW solar cell and 4GW module manufacturing facility in Ganjam district of Odisha.
June 5, 2025
Solar manufacturer Involt Energy has broken ground on its first solar cell manufacturing plant in the western Indian state of Gujarat, with an initial annual nameplate capacity of 1.78GW. 
June 5, 2025
Indian solar module manufacturer Vikram Solar has received final approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) and raise capital through the public markets.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand