Top Indian-owned corporations within the UK are important employers available in the market, persistently using 1 lakh individuals within the final 10 years.
The three fastest-growing Indian-owned corporations in UK by YoY income development are — LT Foods International Ltd, St James Court Hotel Ltd and Reliance Big Entertainment (UK) Private Ltd
The variety of Indian-owned corporations within the UK has now elevated to 954 from 900 within the yr 2022, and their mixed turnover has additionally greater than doubled from £19 billion in 2014 to £50.5 billion in 2023, in keeping with a joint report by Grant Thornton and the Confederation of Indian Industry (CII).
According to the report, prime Indian-owned corporations within the UK are important employers available in the market, persistently using 1 lakh individuals within the final 10 years.
The three fastest-growing corporations on this yr’s report by year-on-year income development had been — LT Foods International Ltd (807 per cent), St James Court Hotel Ltd (491 per cent) and Reliance Big Entertainment (UK) Private Ltd (364 per cent).
In the UK, London stays the popular location within the UK with 35 of the 79 corporations this yr headquartered within the capital. Technology, media and telecommunications corporations proceed to dominate the Tracker, recording a median development price of 51 per cent and making up 24 per cent of the fastest-growing Indian-owned corporations within the UK. This is adopted by engineering and manufacturing (23 per cent) and prescribed drugs and chemical substances corporations (15 per cent).
Anuj Chande, head (South Asia enterprise group) at Grant Thornton UK LLP, stated, “The variety of Indian-owned corporations working within the UK remained at its highest degree over the previous 12 months, regardless of companies and economies worldwide nonetheless feeling the affect of the pandemic. The enhance within the variety of corporations in comparison with final yr alone is outstanding, amidst ongoing operational challenges and rising prices.”
He added that this increasing presence in the UK reflects the growing relationship between the two countries, with the past decade witnessing ever-deepening ties between India and the UK. Bilateral trade, for example, has more than doubled from £16.4 billion in 2013 to £35.9 billion in 2022.
“The UK continues to have an attractive offering for Indian investors with a common business language, access to high-quality education and strong brands all contributing to the pull of the UK to Indian business leaders. The significant Indian diaspora here is also believed to have encouraged more Indian companies to look at the UK as their natural home,” Chande added.
Chandrajit Banerjee, director normal of the Confederation of Indian Industry (CII), stated, “Indian corporations are key contributors within the UK economic system, each by way of funding and by way of commerce. The tenth Grant Thornton-CII report exhibits that the UK stays a prime marketplace for Indian companies, towards the backdrop of current world financial developments, and attests to the shut financial partnership between the 2 nations.”
He added that the rise in participation of Indian companies is a big step forward and the UK will continue to be a preferred destination for Indian companies seeking opportunities in Europe.
“This report is an important initiative that reinforces the contribution of Indian companies to the UK economy, in terms of investment and in providing employment. The CII looks forward to the early conclusion of the UK-India Free Trade Agreement, which would take this relationship to the next level and bring significant benefits to both sides,” Banerjee added.
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