India second largest investor in London

By agencies   |   Tuesday, 07 March 2006, 20:30 IST
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BANGALORE: India, which till recently depended on overseas investments to boost its economic development, is now playing a different role — that of an investor, a report said. Think London, a FDI agency, said the India has now emerged as the second largest investor in London, accounting for 30 percent of all the foreign investment in London. The U.S. continued to be biggest accounting for 50 percent of the investments. In 2005, about 22 Indian companies set base in London creating 400 new jobs in sectors like pharma, telecom and IT. One of the biggest job creators was the Bangalore based Microland, which is expected to create around 50 jobs at a new city center location and Northgate Technologies, which is setting up U.K. offices creating around 70 jobs in total. Other companies include Export-Import Bank of India.