As negotiations for a UK-India Free Trade Agreement paused following the 14th round of talks earlier this year, new research from leading business and financial adviser Grant Thornton UK LLP has revealed that a record number of Indian-owned businesses in the UK have seen their revenue increase by at least 10%, with top-performing companies achieving an average annual growth rate of nearly 50%.
The India Meets Britain report, developed in collaboration with the Confederation of Indian Industry, identifies a record 971 Indian-owned businesses operating in the UK, up from 954 the previous year. These 971 companies contribute significantly to the UK economy by:
• Employing 118,430 people, up from 105,931 in the 2023 report
• Generating a combined turnover of £68.09 billion, up from £50.5 billion in 2023
• Paying £1.17 billion in corporation tax, compared with £944 million in 2023
The report highlights the robust performance of Indian-owned companies in the UK, with those reporting two years of consistent accounts achieving an average annual growth rate of 24%.
Record number of Indian companies in the UK achieve double-digit growth
The research also includes a Tracker that identifies the fastest-growing Indian companies in the UK each year, focusing on those with a turnover of more than £5 million, year-on-year revenue growth of at least 10%, and a minimum two-year track record in the UK.
For the first time, the Tracker identifies 100 businesses out of the 971 included in the research that expanded their revenues by 10% or more. This marks a significant increase from 79 in the 2023 report and 37 the year before.
The top 100 performing companies achieved an average revenue growth rate of 48%. The three fastest-growing companies are Interglobe Enterprises (UK) Ltd (323%), SAR Overseas Ltd (319%), and Sterlite Technologies UK Ventures Ltd (244%).
Automotive manufacturing company Jaguar Land Rover was also included in the 2024 Tracker after achieving a 25% growth rate over the previous year. Its inclusion helped boost the combined turnover of the 2024 Tracker companies to £42.80 billion, an increase of over 70% from the 2023 combined turnover of £25 billion.
Technology, media, and telecommunications companies dominate the tracker
Technology, media, and telecommunications companies retain their top spot, accounting for the most companies in this year’s Tracker at 27% (up from 24%). They are followed by manufacturing and engineering (20%) and pharmaceuticals and chemicals (16%). The financial services sector also made significant strides, accounting for 6% of the fastest-growing companies, up from 1% the previous year, marking the sector’s best showing in the Tracker since 2021.
London remains top spot for fastest-growing Indian companies
London remains the most popular location for the fastest-growing Indian-owned businesses in the UK, with more than 50% of the 100 companies in this year’s Tracker based in the capital. Of the 52 London-based Tracker companies, 21 operate in the technology, media, and telecommunications (TMT) sector. The South is the second most prevalent region for this year’s fastest-growing companies, accounting for 18%, followed by the North at 16%.
