Indian firms investing in Britain go up to 441

Monday, 19 May 2003, 07:00 Hrs
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The number of Indian firms investing in Britain has gone up to 441 as the British government said it planned to attract more Indian companies keen on penetrating the European market.

NEW DELHI: A survey conducted recently by Invest·UK, the British government's inward investment agency, showed that 338 of the Indian companies that had invested in Britain are in the information and communications technologies sector.

Announcing the results of the survey here Friday, Britain's acting high commissioner to India Mark Runacres said: "These new figures provide yet more evidence of Indian industry's confidence in Britain. The 441 Indian companies have chosen Britain because they find it a comfortable and profitable place to work.

"We are committed to attracting even more high-quality Indian companies in the knowledge-based sectors to set up in Britain, and to use it as a base from which to penetrate the European market."

The list of 441 Indian firms now operating in Britain -- though dominated by IT giants like Infosys, Tata Consultancy Services, HCL Technologies and Wipro -- also includes firms from other sectors, including Bharat Forge, Thermax, Tata Tetley, Mastek and Bank of India.

The Invest·UK survey also showed that, in keeping with global trends, several Indian firms from the biotechnology and pharmaceutical sectors were now showing increased interest in investing in Britain.

India is fast emerging as an important source of investments in Britain. In terms of projects, India is Asia's second biggest investor in Britain.

About 40 percent of Indian overseas investment flows into Europe, compared to 20 percent to the U.S. Of the total Indian investment flow into Europe, over 60 percent is concentrated in Britain.

Source: IANS

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