Green bonds lead the way for India-UK ties

A series of green bond listings on the London Stock Exchange to raise funds for Indian infrastructure projects dominated the bilateral relationship in recent months. India, UK to ink pact in urban transport sector India and the UK will sign a pact soon for cooperation in policy planning, technology transfer and institutional organisation in the urban transport sector. India's Transport Minister, Nitin Gadkari, met UK's Transport Secretary Chris Grayling in London recently and discussed a draft memorandum of understanding (MoU) in this regard, the Ministry of Road Transport and Highways said in a statement. The draft MoU seeks to facilitate cooperation in the transport sector and enable the sharing of expertise and latest technology to promote efficient mobility solutions. The statement said it is also expected to usher in policy reforms that can transform the transport sector through improved customer service/data analysis and better use of IT systems. The pact will also help in promoting digital transactions and induction of high capacity diesel/electric vehicles in India, it said adding, this MoU will also establish the terms on which such assistance can be provided. During his visit to London, Gadkari addressed a session of the International Maritime Organisation. He also addressed Indian business leaders in UK, urging them to cooperate in the Namami Gange project of the government. PFC lists bond on London Stock Exchange India's Power Finance Corporation's (PFC) has listed its first international bond in almost two decades on the London Stock Exchange to finance renewable energy projects in the UK. The 10-year dated green bond raised $400 million, paying a 3.75 per cent semi-annual coupon and is listed on London Stock Exchange's new International Securities Market (ISM). Rajeev Sharma, Chairman, PFC, said: “The funds raised will help promote renewable energy projects across the country and aid in achieving the government's target of 175GW of installed renewable energy capacity by 2022. “The bond issuance allows PFC to access a new offshore investor base and also diversify its funding sources.” The projects eligible for the funds will be identified within its Green Bond Framework, which was drafted in accordance with the Green Bond Principles, a global set of guidelines framing the issuance of green bonds. The latest Climate Bonds Initiative certified bond is the seventh green bond listed on London Stock Exchange in November 2017, and the fifth green bond by an Indian issuer in London. Nikhil Rathi, CEO of London Stock Exchange Plc, said: “PFC is unlocking and promoting green finance across India, enabling the country to achieve its ambitious climate change targets set out under the COP21 agreement. Number of Indian students in UK rises The number of visas granted to Indians to study in the UK has seen its first year-to-September increase since 2010. Figures released by the UK Home Office revealed a 27 per cent rise in the number of long-term study visas granted to Indian nationals in the year ended September 2017, to 14,081. It follows several years of declining numbers of Indians being issued study visas, with the falls being seen as one of the main consequences of the UK government's clampdown on student migration from outside the European Union. Overall, the number of study-related visas, excluding those given to shortterm students, went up by 8 per cent to 224,392 in the year to September. James Pitman, a spokesperson for Destination for Education, a group backed by providers of university preparation courses for overseas students, said: “The UK is lagging behind despite the government claiming they have a target to increase education as an export. “It is time for the government to work collaboratively with the higher education sector so that we can promote the UK as a prestigious place to study and overcome the barriers that are dissuading prospective international students.” Wipro to expand operations in London Indian tech giant Wipro Limited is going to expand its operations in London by setting up its third office in the UK capital. Rajan Kohli, Senior Vice-President and Global Head, Wipro Digital, said: “Our latest Wipro Digital pod in London is a significant milestone in our continued growth journey, helping attract great design and engineering talent to serve clients in the United Kingdom and Europe.” David Slater, Director of International Trade and Investment at L&P, said Wipro is among a host of Indian tech firms to make significant investments in London. He said the Indian tech businesses are expected to create over 400 new jobs in London this year and that London & Partners would set up an office here to explore the business potential for London as well as Bengaluru. Slater said: “London and Bengaluru are hotbeds for innovation and creativity and we see a fantastic opportunity for UK and Indian tech companies to do business across the markets.” Our decision to open a new office in Bengaluru will help us reach key decision makers in India and support our continued drive to help Indian businesses expand and internationalise in London.” IRFC lists green bond on London exchange The Indian Railways' financing arm listed its first green bond on the London Stock Exchange with an aim to finance infrastructure for dedicated freight corridors and passenger transport in India. Indian Railway Finance Corp. (IRFC) was set up in 1986 as the dedicated financing arm of the Indian Railways for mobilising funds from domestic and overseas capital markets. The 10-year dated green bond raised $500 million with an annual yield of 3.835 per cent as it listed on the London Stock Exchange's (LSE) new International Securities Market (ISM). S.K. Pattanayak, Managing Director, IRFC, said: “Our debut green bond is a significant milestone for IRFC, supporting the company's ambitious infrastructure green projects which includes procurement of rolling stocks for electrifying rail tracks across India. “Not only was the bond subscribed three times but today we have also achieved our aim, through London, to increase our investor base across the EMEA (Europe, the Middle East and Africa).” Sean Kidney, Chief Executive of the Climate Bonds Initiative, said: “This IRFC green bond and the previous issuance from the IREDA (Indian Renewable Energy Development Agency) and the PFC (Power Finance Corporation) are a sign of the enormous market opportunities for international investors in green energy, transport and infrastructure to meet India's intertwined climate, energy and development goals.” Hello Curry, FoodAdvisr announce partnership

Hyderabad-headquartered fast food chain Hello Curry and UK's FoodAdvisr announced a partnership and will jointly invest £2 million over the next two years. Hello Curry and FoodAdvisr also said that they will launch an app in January next year, which will filter out food and restaurants based on allergy settings. FoodAdvisr is a consumer app that caters for the dietary needs of people with food allergies and intolerances. It allows the user to set a range of personal needs - including their food dislikes and likes, fat, sugar and calories levels, and diet choices - and then use their personalised profile to check dishes for a perfect match to their needs. Raju Bhupati, Founder and CEO, Hello Curry, said: "Hello Curry is integrating this ability into their own online ordering app, so that their customers can not only choose dishes, but also to be able to check that those dishes meet their dietary constraints.” Kieran Lees, CEO, FoodAdvisr, said: "This app will initially be launched in India and England and in due course will be taken to Canada, Australia and South Africa.” Hello Curry currently operates in Hyderabad, Bengaluru and Visakhapatnam and has plans to expand in the middle-east and United States in the coming months. Kieran Lees also announced opening of FoodAdvisr′s technology development centre in Hyderabad.