The Hindu Business Line : ‘India made 75 investments in UK last year’

Chennai, Aug. 15 Here’s an ode to our former colonial masters. In 2007-08, India made 75 investments in the UK, which created 19,000 jobs in the country, according to the UK Inward Investment Report 2007-08.

The British High Commission in India sees this as an example of the growing ties between India and the UK — a growth that extends well beyond commerce, into education and collaboration in science.

Mr Mike Connor, British Deputy High Commissioner in Southern India, points out that the London Stock Exchange hosts 52 Indian companies with a combined market cap of £9 billion. Indian firms have raised a total of £3 billion, he says.

Tata-Corus

While only big ticket investments such as of Tata-Corus come into the limelight, there are a number of small and medium investments that keep happening. For example, in June 2007, Bangalore-based Dynamatic Technologies, Asia’s largest producer of hydraulic gear pumps, acquired the assets of Sauer-Danfoss in Swindon.

But officials of the High Commission stress that the Indo-UK relations are not just about trade and investment, examples for which abound. Only a couple of days ago, there was one marquee investment by an UK company – Tesco – which has committed to invest Rs 480 crore in the Indian retail sector in two years.

The point really is that, quietly behind the scenes, a whole lot of collaborative work is going on, says Ms Jane Owen, Director, UK Trade and Investments, British High Commission, New Delhi.

For example, following a visit of the Hull and Humber Chamber to Chandigarh in March 2006, the British Agrifood Consortium signed a contract for technology transfer and marketing assistance with the Punjab Agro Industries Corporation. The assistance is worth £250,000. The Consortium provides recommendations and solutions for the agri-food business worldwide.

Following the agreement, Samskip of UK, a cola-chain logistics company, is in the process of setting up shop in India. Satnam Overseas of Amritsar (which owns the ‘kohinoor’ brand of rice) has set up a plant in the east of England, from where it exports to the rest of Europe.

Education front

Cattle companies Cogent Breeding and Genus Breeding also intend to enter the Indian market, the latter wants to sell its technology and bovine semen.

Similar collaborations are also happening in the education front. The UK India Education and Research Initiative (UKERI) is a £23-million initiative aimed at improving educational links with India.

“One of the areas of collaboration supported by the UKERI is the development of courses with a strong practical base,” says Ms Owen. Within the next four years, the Initiative expects to fund about 40 such courses, serving 2,000 students.

“On the research side, there will also be more Indian students completing research degrees in the UK and more UK researchers undertaking work in India, along with joint research projects,” Ms Owen says.

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