[lbo-talk] 'Big investments by Indian cos in UK'

Wed Sep 20 17:22:06 PDT 2006

The Hindu Business Line
http://www.thehindubusinessline.com/

Sunday, Jul 16, 2006

Corporate - Overseas Investments

Industry & Economy - Foreign Trade

'Big investments by Indian cos in UK'
http://www.thehindubusinessline.com/2006/07/16/stories/2006071603260500.htm

Our Bureau

More companies listed on LSE than on NYSE & Nasdaq: British official

Kolkata , July 15

Pointing out that Indian foreign investment projects in the UK (during
2005-06) have increased by a "staggering 110 per cent", Mr Simon Wilson,
British Deputy High Commissioner to Eastern India, said the rate at which
the flow of investment was growing amply reflected the financial strengths
of Indian industry today.

(According to the latest UK Annual Report on inward investments, during
2005-06, the country recorded a total of some 76 investment projects from
India. Indian businesses, with investments of around �1.02 billion into the
UK, have made India as the third largest investor in the UK globally, and
second largest from the Asia-Pacific region, after Japan.)

Speaking at an interactive session on "Enhancing Indo-British business
prospects" organised by the Bengal National Chamber of Commerce & Industry,
Mr Wilson said: "there are more Indian companies listed on the London Stock
Exchange than on the New York Stock Exchange and Nasdaq combined."

Two-way investments

Mr Wilson said in order to lift two-way investments to greater heights, a
new institutional mechanism in the form of JETCO (Joint Economic and Trade
Commission) has been put in place. Besides JETCO, which meets at the levels
of Minister of Commerce & Industry periodically to agree on ways to remove
barriers to investment and improve trade flows, a number of working groups
have also been established in areas such as agribusiness, healthcare, high
technology, infrastructure and legal services.

A new phase driving private interaction between India and the UK, he
informed, was the establishment of Indo British Partnership Network in the
UK and the creation of IBP boards in both countries - under Mr Sunil Bharti
Mittal of Bharti Enterprises in India, and Lord Bilimoria of Cobra Group in
the UK.

He said the next meeting of the IBP board was scheduled in London later this
month.

On prospects in eastern India, Mr Wilson said the recent announcements of
large investment plans by big Indian corporate groups "echo our positive
outlook about the economic and business prospects in this region".

Among the recent UK investments in eastern India are by Vesuvius India, HSBC
and Newby Teas, besides the proposed new outlet by Marks & Spencers in
Kolkata sometime next month.