NEW DELHI, April 5 (Xinhua) -- New Delhi and Britain have jointly agreed to set up a fund with corpus contributions of 149.35 million U.S. dollars each to finance India's rapidly growing energy and renewables market.
The fund aims at raising 298.7 million U.S. dollars to focus on initial investments in the sector.
"Both governments reaffirmed their commitment to anchor invest up to 120 million British pounds each in the joint fund which aims to raise around 500 million pounds, and has the potential to unlock much more in future. The two finance ministers announced that the fund will focus initial investments on India's rapidly growing energy and renewables market and that a fund manager is expected to be selected by the Autumn," an official statement said on Tuesday.
British Finance Minister (Chancellor of the Exchequer) Philip Hammond is currently in India leading a trade mission to promote bilateral ties between the two countries.
On Tuesday, Hammond along with his Indian counterpart Arun Jaitley addressed ninth Britain-India Economic and Financial Dialogue in Delhi.
Hammond on Wednesday is scheduled to attend a conference in Mumbai, India's financial capital, along with governor of the Bank of England Mark Carney and British government ministers.
Britain is world's largest exporter of financial services and the leading center for FinTech.