India and the US have signed an agreement enabling their scientists to collaborate on the development and construction of different types of neutrino detectors. The agreement was signed in New Delhi by US Energy Secretary Rick Perry and India's Atomic Energy Secretary Sekhar Basu.

It opens the way to jointly advancing cutting-edge neutrino science projects under way in both countries: the Long-Baseline Neutrino Facility (LBNF) with the international Deep Underground Neutrino Experiment (DUNE) hosted at the US Department of Energy's (DOE's) Fermilab, and the India-based Neutrino Observatory (INO).

LBNF/DUNE brings together scientists from around the world to discover the role that subatomic particles known as neutrinos play in the universe. More than 1000 scientists from over 170 institutions in 31 countries work on LBNF/DUNE and celebrated its groundbreaking in July 2017.

The project will use Fermilab's powerful particle accelerators to send the world's most intense beam of high-energy neutrinos to massive neutrino detectors that will explore their interactions with matter.

'India Global Business’ has in-depth coverage on related topics.

 

The UAE-India relationship has entered a vibrant growth phase with bilateral trade on track to exceed $100 billion by 2020, key speakers at the '2018 Dubai Global Convention' said this week.

Abdulla Al Saleh, Undersecretary, Foreign Trade & Industry, Ministry of Economy, said in his inaugural address: "India is the first trading partner for the UAE. In 2017, trade relations between the UAE and India reached $53 billion, of which $35 billion is non-oil trade. The UAE is the third largest foreign trade partner to India after China and USA.”

He said the UAE invested over $5 billion in India through foreign direct investment stock until the end of 2017, which makes the UAE one of the top investors in India. Additionally, India is the second largest direct investor in the UAE at the end of 2016 with $6.6 billion.

He added: "In the beginning, foreign trade and oil and gas were the focal point of the India-UAE relationship. But today, this has diversified to include many new sectors following the recent high-level visits of UAE and Indian leaders.”

'India Global Business’ has in-depth coverage on related topics.

 

Cash-strapped Fortis Healthcare Ltd said Fosun International Ltd has offered to invest up to $350 million, making the Chinese firm the fourth suitor aiming to tap soaring demand for private healthcare in India.

Interest in Fortis comes as the government works to provide health insurance for about half of India’s 1.3 billion population, which analysts expect will enable more people to use private healthcare services.

Fortis runs about 30 hospitals, having grown rapidly with demand created by a stretched public healthcare system. But it has lately struggled with insufficient cash and increased debt, while regulators investigate allegations that its founders took funds without board approval.

Fosun said its proposal will best meet Fortis’ immediate short- and long-term needs, and that the Chinese firm did not expect to make significant changes to Fortis’ senior management.

Fortis received its first takeover bid last month from Manipal, which has since sweetened its offer to Rs 155 a share - valuing Fortis at about $1.2 billion - following opposition from minority shareholders. That was followed by a $1.3 billion bid from IHH, which IHH said Fortis declined to consider.

Fortis has also received a combined investment offer of Rs 12.5 billion from Hero Enterprise Investment and the Burman Family Office.

India Investment Journal’ has in-depth coverage on related topics.

The UK joined the India-led International Solar Alliance (ISA) ahead of Prime Minister Narendra Modi's four-day visit to Britain.

At an event held at the London Stock Exchange as part of the Commonwealth Heads of Government Meeting 2018 (CHOGM), Britain formally announced its membership of the alliance, which aims to raise $1 trillion of private and public finance to provide affordable and sustainable energy for all by 2030.

The UK's partnership will involve providing expertise and advice to the alliance, but no monetary contributions.

The Department for International Development (DfID) said its partnership of ISA, which it described as Modi's flagship climate treaty, is aimed at giving over 1 billion of the world's poorest people access to cheap, clean, and renewable energy.

The UK said its support for ISA will be to develop solar water pumping projects, where farmers can use cheaper solar power - rather than diesel pumps - to water their crops.

UK expertise will also help increase the number of "mini grids" supplying power to remote areas that cannot be reached by the main electricity grid.

The new collaboration means ISA will be able to make solar power cheaper by helping countries join forces to procure solar energy systems.

'India Global Business’ has in-depth coverage on related topics.

Biopharmaceutical company AstraZeneca announced its decision to further invest $90 million in India over the next five years. The announcement was made following a meeting between the company’s executive vice-president for international region Leon Wang and Prime Minister Narendra Modi, during his visit to Sweden.

The investment commitment would span across AstraZeneca’s diverse footprint in India with an aim to strengthen its manufacturing, clinical operations, patient safety regulatory science, IT services and commercial operations.

Furthermore, the investment would support scientific data generation, quality manufacturing, science talent development and collaborative development of innovative solutions to improve the standard of care of non-communicable diseases in India.

The company, in a release in Bengaluru, also said the commitment aligns closely with Indian government’s initiatives to create a stronger business, innovation, and health care environment such as “Skill India”, “National Health Policy” and “Ayushman Bharat.”

Wang said AstraZeneca has a longstanding commitment in India of 40 years, adding, “our latest investment reflects our commitment to address the unmet needs in non-communicable diseases, enable high-value job creation and boost medical innovation in the country.”

India Investment Journal’ has in-depth coverage on related topics.

 

British private equity firm Actis is close to signing a deal to buy the solar power portfolio of Indian conglomerate Shapoorji Pallonji.

The acquisition of Shapoorji’s 400MW solar power portfolio will be done via a renewable platform owned by Actis named “Sprng Energy” at an equity valuation of around Rs 11 billion ($168 million).

A Shapoorji spokesperson confirmed the company was “in advanced talks with key investors” regarding the solar assets.

Sanjiv Aggarwal, a partner at the firm, declined to comment directly on the deal but said Actis would “continue to grow through bids and M&A,” and that the firm’s long-term aim was to exit Sprng once it reaches capacity of 1,750 MW.

Shapoorji’s portfolio currently comprises of seven operational projects with a total capacity of 272 MW and an additional 130 MW under development.

This deal would come hard on the heels of Actis’ sale earlier this month of its first renewable energy platform, Ostro Energy, to Goldman Sachs-backed Renew Power Ventures at $1.5 billion.

India’s Prime Minister Narendra Modi aims to have 175 gigawatts (GW) of renewable capacity by 2022, up from 62 GW currently, out of which 100 GW is expected to come from solar.

India Investment Journal’ has in-depth coverage on related topics.

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