Good response to UK India Business Angles Network

The recent launch of UK India Business Angles Network by British Prime Minister Gordon Brown in New Delhi has evoked a 'heartening response' with 26 deals in the pipeline in just three months.

The UK India Business Council was monitoring the details of all the companies that are approaching the network and forwarding them on to the British Business Angles Association, UKIBC CEO Sharon Bamford said on Friday.

Interacting with media after a workshop organised by UKIBC in Pune, Bamford said the business proposals encompassed all sectors of economy, including IT industry.

The network is gathering the desired momentum, she said. However, she added that the forthcoming elections in India could be a factor that was 'slowing' down the last phase of liberalisation in the country.

Bamford said Prime Minister Brown, who launched the business initiative in the form of the network on January 20, is keen on an update and the UKIBAN is directly reporting to the 10 Downing Street on its progress.

The Lord Mayor of the city of London, David Lewis, who is in Pune with a high powered business delegation, said unlike the US, there was no recession in the UK or Europe.

"The UK wants to invest in the countries where the GDP is going up," he said, pointing India as one of the destinations.

The Lord Mayor said India should open up its economy more to facilitate a greater business activity and noted that the trade between the two countries was 8.7 billion pounds.

While the UK was the largest investor in India with 5.5 billion pounds, the Indian investment in the UK at present was all-time high.

The $2.3-billion deal clinched by the Tatas taking over Jaguar and Land Rover brands had given a further push, he added.

Bamford said the acquisition of the luxury car icons by the Tatas has been warmly received by the business world in the UK as the group enjoys a goodwill because of its business values and management philosophy, which takes care of human resources.

Earlier, the UKIBC held a workshop on 'Enterprise and Raising Capital' aimed at aiding entrepreneurs from Pune to gain access to UK funds and set up their businesses.

The delegation's visit is described as part of a 'concerted UK thrust' to strengthen links with India in the financial services sector.