Indian-Owned Companies In UK Increase To 954; Their Turnover More Than Doubles In 9 Years: Report

The number of Indian-owned companies in the UK has now increased to 954 from 900 in the year 2022, and their combined turnover has also more than doubled 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, top Indian-owned companies in the UK are significant employers in the market, consistently employing 1 lakh persons in the last 10 years.

The three fastest-growing companies in this year’s report by year-on-year revenue growth were — 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 remains the preferred location in the UK with 35 of the 79 companies this year headquartered in the capital. Technology, media and telecommunications companies continue to dominate the Tracker, recording an average growth rate of 51 per cent and making up 24 per cent of the fastest-growing Indian-owned companies in the UK. This is followed by engineering and manufacturing (23 per cent) and pharmaceuticals and chemicals companies (15 per cent).

Anuj Chande, head (South Asia business group) at Grant Thornton UK LLP, said, “The number of Indian-owned companies operating in the UK remained at its highest level over the past 12 months, despite businesses and economies worldwide still feeling the impact of the pandemic. The increase in the number of companies compared to last year alone is remarkable, amidst ongoing operational challenges and rising costs.”

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 general of the Confederation of Indian Industry (CII), said, “Indian companies are key participants in the UK economy, both in terms of investment and in terms of trade. The 10th Grant Thornton-CII report shows that the UK remains a top market for Indian businesses, against the backdrop of recent global economic developments, and attests to the close economic partnership between the two countries.”

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.