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Britain woos Indian firms with LSE enlisting
Wednesday, 26 May 2004, 19:30 IST
LONDON: The British government is encouraging a drive to list Indian companies on the London Stock Exchange (LSE).
The drive will be launched later this year.
The Indo-British Partnership (IBP), a trade body backed by the Department of Trade and Industry, is joining forces with the LSE to boost the number of Indian companies on the exchange.
The move is part of wider efforts by the IBP to woo Indian companies to Britain.
The IBP, whose profile has slipped since its launch 10 years ago by former prime minister John Major, is being revamped to coincide with the new drive.
The LSE and the IBP confirmed that they had met for talks and the IBP agreed to market the exchange to companies it works with in India.
However, Karan Bilimoria, the founder of Cobra Beer and co-chairman of the IBP, said the campaign was aimed not just at Indian companies enlisting but having a bigger presence in Britain generally.
He told the media: "It is about listing in a bigger way, about these companies moving their headquarters to London, for example."
Currently 18 Indian companies have secondary listings on the British stock exchange with a total value of 2.8 billion pounds. Earlier this year Vedanta Resources, the mining company, became the largest Indian company to float on the LSE.
IT, automobile and food and beverage companies will be targeted. The two groups are also keen to woo smaller companies to float on the Alternative Investment Market.
Source: IANS
Source: IANS