News: Multi-million dollar deals with India on the anvil

(PTI 08/10/2006) London - A number of multi-million dollar contracts between British and Indian companies will be signed during the India-UK Investment Summit here on Tuesday, sources said today.

Prime Minister Manmohan Singh and his British counterpart Tony Blair are scheduled to address the Summit following which Trade Secretary Alistair Darling will hold talks with Kamal Nath, India's Commerce minister.

The event provides evidence of strengthening links between the two countries, the sources said.

The same day, British retail giant Tesco is expected to announce plans to enter the Indian retail market in partnership with Bharti Enterprises, the Indian telecom company.

Other companies attending the event are Standard Chartered, and Cairn Energy, which will this week release details of its Indian subsidiary's imminent IPO on the Bombay Stock Exchange.

Because foreign direct investment in Indian retail is outlawed, Tesco is expected to become either Bharti's franchise partner or its supply-chain partner, providing technology and infrastructure support.