The India meets Britain Tracker 2018, published by Grant Thornton UK LLP in association with the Confederation of Indian Industry (CII), shows that uncertainty over the outcomes of Brexit negotiations does not appear to have negatively affected Indian companies’ enthusiasm for the UK as an investment destination, with around 800 Indian companies now operating in the UK.
Chris Frostwick, practice leader of Grant Thornton’s East Midlands regional office said: “Our Tracker report places Leicester company Dion Global Solutions at number 22 with a 60% growth in turnover, and Jain International Food of Sleaford at number 69, having recorded a 19% growth in turnover.”
Commenting on the report, Dr Nik Kotecha OBE, Chief Executive of Morningside Pharmaceuticals Ltd, which is based in Loughborough, said: “The East Midlands is a fantastic area to do business and it’s not by coincidence that our region is the fastest growing outside of the South East. It’s great to see that 10 of the top 50 fastest growing Indian companies in the UK are based in the Midlands. The Tracker’s statistics show the Midlands and the North are now tied as the most popular locations for businesses on the list, after London.”
Last year, Grant Thornton named Dr Kotecha as one of its Faces of a Vibrant Economy, which identifies the UK’s 100 most inspirational and innovative individuals from across the private, not for profit and public sectors.
Dr Kotecha added: “I was honoured to accompany Prime Minister Theresa May on her first trade mission to India. There is a real appetite for hi-tech exports of products and services from the UK, which was evidenced by the £1.2 billion in trade deals announced following the trip.”
Morningside manufactures quality generic and branded medicines for UK hospitals and pharmacies, as well as supplying countries globally through aid agencies.
According to Chris Frostwick: “A key factor of Indian companies’ success in the UK is that they have established themselves in growing markets where they have the relevant expertise for example, in the technology and telecoms sector and this year, in particular, the engineering and manufacturing sectors. The report clearly shows that the UK remains a highly attractive destination for Indian investors.”
