Search the Internet          Tips  Sites: Finance, Investment

21 Indian firms invest in UK

BS Economy Bureau

As many as 21 Indian companies invested about £240 million in the UK during 2000-01, which accounts for almost 60 per cent of the total investment by the country's companies in Europe.

More than half of the investment by Indian companies is in the information, communication and software sector and the UK now rivals the US as the premier destination for Indian overseas investment, a press release quoting the Invest-UK annual review of operations 2001 said.

The release quoted the pro-business, low tax environment and the UK's position as the gateway to the European markets as the main attractions for Indian investors. The country's position as Europe's leading e-commerce market and well-developed research facilities are also the reasons for the interest among the Indian business community in the UK, it said. Wipro Technologies, a subsidiary of Wipro Corporation, opened its first European development centre at Reading in January 2001.

Around 50 software professionals will provide information systems applications development and support and maintenance services to Wipro's UK-based customers, it said.

Sankhya Infotech, a Bangalore-based software provider for the transportation industry also decided to locate their European headquarters in the UK, the Invest-UK release said.

In all, the UK received 869 inward investments during the year which comprise new projects, expansions and acquisitions, the release said, adding the country's total investment stock reached £341 billion during the year.

Invest-UK is a government agency, which promotes the country's investment potential by communicating the benefits of the UK as an investment destination.

Powered by

YOU MAY ALSO WANT TO READ:
The Rediff-Business Standard Special
The Budget 2001-2002 Special
Money
Business News

Tell us what you think of this report