Top Indian-owned companies in the UK are significant employers in the market, employing over 1 lakh people consistently over the last 10 years.
The three fastest growing Indian owned companies in the UK by YoY revenue growth are – LT Foods International Ltd., St. James’s Court Hotel Ltd. and Reliance Big Entertainment (UK) Pvt. Ltd.
The number of Indian-owned companies in the UK is set to increase from 900 to 954 in 2022, and their combined turnover is set to more than double from £19 billion in 2014 to £50.5 billion in 2023, according to a joint report by Grant Thornton and the Confederation of Indian Industry (CII).
According to the report, the top Indian owned companies in the UK are significant employers in the market, employing 1 lakh people consistently over the last 10 years.
The three fastest growing companies in this year’s report in terms of year-on-year revenue growth were LT Foods International Limited (807 percent), St James’s Court Hotel Limited (491 percent) and Reliance Big Entertainment (UK) Pvt. Ltd (UK) 364 per cent).
In the UK, London remains the preferred location in the UK, with 35 of the 79 companies headquartered in the capital this year. Technology, media and telecommunications companies continue to dominate the tracker, registering an average growth rate of 51 per cent and being among the fastest growing Indian-owned companies in the UK at 24 per cent. This is followed by engineering and manufacturing (23 per cent) and pharmaceuticals and chemical companies (15 per cent).
Anuj Chande, Head (South Asia Business Group), Grant Thornton UK LLP, said, “The number of Indian-owned companies operating in the UK is at its highest in the past 12 months, while businesses and economies around the world are still reeling under the impact of the pandemic. The effects are being felt. of the pandemic. The increase in the number of companies over the past year alone is remarkable amid ongoing operational challenges and rising costs.”
He said that this growing presence in the UK reflects the growing ties between the two countries, with ties between India and the UK continuing to deepen over the past decade. For example, bilateral trade is set to double from £16.4 billion in 2013 to £35.9 billion in 2022.
“The UK continues to have an attractive offer for Indian investors, with a common business language, access to high-quality education and strong brands contributing to the UK being an attraction for Indian business leaders. The large number of expatriate Indians here is also believed to have encouraged more Indian companies to look at the UK as their natural home,” Chande said.
Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said, “Indian companies are a key partner in the UK economy, both in terms of investment and trade. The 10th Grant Thornton-CII Report shows that UK Indian remains a top market for businesses, and is testament to the close economic partnership between the two countries.”
He said that the increase in the participation of Indian companies is a big step forward and the UK will continue to be a preferred destination for Indian companies looking for 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 providing employment. CII looks forward to an early conclusion of the UK-India Free Trade Agreement, which will take this relationship to the next level.” level and bring significant benefits to both sides,” Banerjee said.
