New Delhi, July 2: India’s Finance Minister Nirmala Sitharaman met with Sébastien Bougon, President of French aerospace logistics company Flying Whales, in Paris on Thursday. They discussed plans for establishing the company’s manufacturing ecosystem in India. The Finance Ministry shared details of the meeting on social media platform X.
During the meeting, Bougon informed the Finance Minister about Flying Whales’ sustainable public-private partnership (PPP) projects operating worldwide. He explained how the company’s technology aids economic development in remote and landlocked areas while minimizing environmental impact during freight transport.
Bougon also expressed the company’s intent to establish a complete manufacturing ecosystem in India, aiming to position the country as a key hub in this direction.
Minister Sitharaman welcomed the company’s interest in investing in India. She highlighted the vast opportunities available for companies like Flying Whales and encouraged them to connect with the country’s rapidly growing startup ecosystem.
She provided insights into the regulatory framework related to the International Financial Services Centres Authority (IFSCA) located in Gujarat’s GIFT City, which could benefit Flying Whales in ship and aircraft leasing, as well as maintenance, repair, and operations (MRO).
Notably, Flying Whales and India’s BLP Group announced the first phase of their strategic partnership on April 2 this year. The goal is to create a robust manufacturing ecosystem for heavy cargo airships in India, making the country a global hub for this new transportation technology. This announcement was made during a summit between French President Emmanuel Macron and Indian Prime Minister Narendra Modi.
Both companies also presented plans to assemble the LCA60T airship in India for the Asian and Middle Eastern markets.
The LCA60T, approximately 200 meters long and powered by helium gas, is a state-of-the-art cargo airship capable of carrying up to 60 tons of cargo at once. The company’s business model extends beyond manufacturing airships; it also involves operating them as airline services to deliver heavy goods to inaccessible areas lacking runways, roads, or other infrastructure.
This technology can be utilized to transport heavy items such as wind turbine blades for renewable energy projects, electricity transmission towers, and aerospace equipment to remote locations. Additionally, it can prove invaluable in supplying relief materials, medical equipment, and military supplies during natural disasters.
Furthermore, the Finance Ministry announced that Minister Sitharaman also met with Yann Gérardin, Deputy CEO of BNP Paribas Group and Executive Chairman of Corporate and Institutional Banking (CIB), in Paris.
During their meeting, Gérardin noted that India is rapidly emerging as a reliable investment destination among global investors. He praised India’s Digital Public Infrastructure (DPI).
Minister Sitharaman informed him that, with the goal of ‘Developed India 2047’ in mind, the government has announced the formation of a committee to implement reforms in the banking sector.
She sought Gérardin’s suggestions for the committee, emphasizing that India is working towards strengthening its banking sector on a global scale, with special attention to Digital Public Infrastructure (DPI) and the Account Aggregator System.
Leave a Comment