Mumbai: Indian companies, both big and small, are increasingly turning to London to raise money for expansion amid signs that one of the world’s biggest developing economies is shrugging off growing threats from inflation and slowing global growth. Catering to the call for a Guide to help them make the right decisions and to offer the right guidance, the UKIBC, the lead organization set up under the Indo-British Partnership initiative to help in increase bilateral trade , launched it’s ‘Setting up and financing your business in the UK’ in Mumbai. The Guide was launched in Mumbai by Tata Sons executive director Alan Rosling along with UK-India Business Council chairman Lord Karan Bilimoria and UK-India Business Council CEO Sharon Bamford.
Commenting on the launch Bamford said, "In order to ensure Indian companies are fully informed and supported, the UK India Business Council are delighted to publish our guide, ‘Setting up and financing your business in the UK’, as part of our UK India Business Angel Network. We have been witnessing an increasing number of enquiries from Indian companies wanting to invest in UK businesses, form joint ventures or set up their own companies. The UK is a truly open economy and we not only welcome Indian businesses, but we are here to assist in any way that we can. The guide is designed to provide an overview of the main issues and areas which may be of interest to an Indian company or entrepreneur when setting up and financing their business the UK. There has never been a more opportune time for globally ambitious companies to be looking to the UK to set up and finance their businesses. Indian companies are certainly leading this trend, spending more on acquiring companies in the UK than any other country."
With acquisitions totaling £1.52 billion in the first half of 2008 alone, the UK has become the number one destination for offshore acquisitions by Indian companies, in spite of testing economic conditions. For many Indian investors the UK has genuinely been a key part of their approach to global growth and acquisitions have in many cases given Indian companies’ access to UK, EU and other markets to speed up growth.
Whilst welcoming companies of all sizes, the UK India Business Council is focused particularly on encouraging and supporting smaller companies and entrepreneurs to consider the UK as a place to grow their businesses raise finance and locate as a strategic hub for Europe or the United States. The Prime Minister, Rt. Hon. Gordon Brown MP, had launched the UK India Business Angel Network to facilitate this further during his visit to India in January 2008.
She added, "We would like to thank UK law firm Nabarro LLP and accountancy firm Kingston Smith LLP for their input and support in publishing this comprehensive guide. We also extend our thanks to our partners; the UKTI Global Entrepreneurs Programme, the Indian Angel Network and the British Business Angels Association for their continued support. I am sure you will find the guide both interesting and useful, and my team and I look forward to working with you to capitalize on this exciting time for our two great countries."
The UK – India Business Council also launched their India office in Delhi. The office will act as facilitator for UK companies entering the Indian market and also aid India companies with UK plans. UKIBC India director Adrian Mutton said, "We would use the facility as a hub for companies wanting to set up base in India, since it will be able to use our network and market intelligence. Also, it will act as liaison office for Indian companies with expansion plans for UK."