Indian Companies Set to Be Listed on the London Stock Exchange
Written by Sanjay Kumar
Indian companies could soon have the opportunity to be listed on the London Stock Exchange, as disclosed in a joint statement following discussions during the India-UK Economic and Financial Dialogue in the national capital on September 11.
👉 India-UK hold 12th Economic and Financial Dialogue #EFD in New Delhi
👉 12th EFD concludes with adoption of the Joint Statement by Union Finance Minister of India Smt. @nsitharaman and Mr. @Jeremy_Hunt, Chancellor of Exchequer of United Kingdom
👉 Both countries announce… pic.twitter.com/3ObGxraPgH
— Ministry of Finance (@FinMinIndia) September 11, 2023
In addition to this development, the UK and India have introduced the UK-India Infrastructure Financing Bridge, which aims to harness expertise for the advancement of significant infrastructure projects. The Chancellor of the Exchequer of the United Kingdom, Jeremy Hunt, expressed satisfaction, stating, “We are particularly pleased to have taken a significant step forward with India’s first confirmation that it will explore the London exchange as an international destination for the direct listing of Indian companies.”
Hunt’s statement also highlighted the establishment of a “new pensions and insurance partnership,” an expanded collaboration regarding the development of GIFT City, and a shared commitment to finalize a free trade agreement between the two nations.
Union Finance Minister Smt. @nsitharaman and Chancellor of the Exchequer of United Kingdom Mr. @Jeremy_Hunt co-chaired the 12th India-UK Economic & Financial Dialogue #EFD today in New Delhi.
The countries adopted a Joint Statement highlighting strength of India-U.K. ties and… pic.twitter.com/y8Sb42Qms4
— Ministry of Finance (@FinMinIndia) September 11, 2023
Union Finance Minister Smt. @nsitharaman and Chancellor of the Exchequer Mr. @Jeremy_Hunt also participated in the India-UK Financial Partnership #IUKFP meeting co-chaired by Mr. @udaykotak and Mr. Bill Winters on the sidelines of the India-U.K. Economic and Financial Dialogue… https://t.co/sYSal9phWK pic.twitter.com/AVxMdzQ7y3
— Ministry of Finance (@FinMinIndia) September 11, 2023
Regarding the newly introduced Infrastructure Financing Bridge, Finance Minister Nirmala Sitharaman explained that it would be a cooperative endeavor co-led by Niti Aayog and the City of London Corp., with the objective of jointly planning and executing major infrastructure projects. Sitharaman also mentioned the green growth equity fund, launched in 2017 as a joint initiative between the two countries. This fund is designed to leverage private sector investments from the City of London to support green investments in infrastructure projects in India.
Discussions during the dialogue also revolved around deepening India-UK relations through a free trade agreement (FTA). Investment negotiations were set to run concurrently with negotiations on goods and services trade.
Furthermore, the Economic and Financial Dialogue included a continuation of the G20 conversation on digital payments, with several countries expressing interest in India’s Unified Payments Interface during these discussions. Reserve Bank of India Executive Director Vivek Deep revealed on September 10 that 20 to 25 countries had expressed interest in India’s Unified Payments Interface.
Prime Minister Narendra Modi and UK Prime Minister Rishi Sunak reviewed progress on the India-UK FTA and expressed optimism about reaching a mutually beneficial conclusion in the near future. On the sidelines of the G20 summit, both leaders discussed various aspects of bilateral cooperation, with a focus on sectors such as technology, climate change, health, and mobility. Additionally, a bilateral visit by UK PM Sunak was proposed and accepted for further discussions.
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