India Meets Britain Tracking the UK’S Top Indian Companies India Meets Britain: Tracking the UK’S Top Indian Companies
Total Page:16
File Type:pdf, Size:1020Kb
In collaboration with India meets Britain Tracking the UK’s top Indian companies India meets Britain: Tracking the UK’s top Indian companies Indian companies are succeeding in the UK and contributing to overall economic prosperity. Our Tracker monitors UK businesses with ultimate Indian parent companies to identify the fastest-growing companies by turnover, as well as the top Indian employers. It provides a unique insight into the scale, business activities, locations and performance of Indian-owned companies making the biggest impact in the UK. The UK’s top 41 fastest-growing Indian companies Rank Indian parent company UK subsidiaries (ultimate domestic owner and its subsidiaries) Growth 1 Bharat Forge Ltd Bharat Forge International Ltd 465.2% 2 TVS Srichakra Ltd TVS Europe Distribution Ltd; Universal Components UK Ltd 248.5% 3 Crompton Greaves Ltd CG Automation Systems UK Ltd; CG Power Solutions UK Ltd 118.5% 4 Intas Pharmaceuticals Ltd Accord Healthcare Ltd; Astron Research Ltd 108.4% 5 Dion Global Solutions Ltd Indigo (London) Holdings Ltd; Dion Global Solutions (UK) Ltd 99.0% 6 Tata Consultancy Services Ltd Diligenta Ltd; Diligenta 2 Ltd 94.5% 7 WPIL Ltd Mathers Foundry Ltd 89.0% 8 India Infrastructure Finance Company Ltd State Bank of India 67.0% 9 Cox & Kings Ltd Prometheon Entreprise Ltd; Clearmine Ltd; Cox & Kings (UK) Ltd; Quoprro Global Ltd 65.1% 10 T.V. Sundram Iyengar & Sons Ltd Rico Logistics Ltd; TVS Logistics Investment UK Ltd; TVS Supply Chain Solutions Ltd 62.0% 11 Tata Communications Ltd Tata Communications (UK) Ltd 50.4% 12 Universal Ferro & Allied Chemicals Ltd Uni-tritech Ltd; Tritech Group Ltd; Tritech Precision Products (Barnstaple) Ltd; 50.0% Tritech Precision Products Ltd 13 Glenmark Pharmaceuticals Ltd Glenmark Generics (Europe) Ltd 49.4% 14 Punjab National Bank Punjab National Bank (International) Ltd 47.2% 15 Firstsource Solutions Ltd Firstsource Solutions UK Ltd 43.9% 16 Secure Meters Ltd Secure Meters (UK) Ltd; Advanced Energy Monitoring Systems Ltd; Secure Controls (UK) Ltd 39.7% 17 Saksoft Ltd Acuma Solutions Ltd; Saksoft Investments PVT Ltd 31.1% 18 Essar Family Essar Energy PLC 30.0% 19 Enzen Global Solutions Private Ltd Enzen Global Ltd 26.5% 20 Aurobindo Pharma Ltd Milpharm Ltd 26.2% 21 Associated Capsules PVT. Ltd ACG Europe Ltd 25.9% 22 Infosys Ltd Lodestone Management Consultants Ltd 25.0% 23 AIA engineering Ltd Vega Industries Ltd 24.5% 24 Punj Lloyd Ltd Simon Carves Engineering Ltd 21.6% 25 Vaibhav Gems Ltd The Jewellery Channel Ltd 21.1% 26 UPL Ltd United Phosphorus Ltd 20.9% 27 Suzlon Energy Ltd Repower UK Ltd; Suzlon Wind Energy Ltd 19.2% 28 Zylog Systems Ltd Zylog Systems (Europe) Ltd 18.5% 29 Niit Ltd Niit Ltd; Niit Insurance Technologies Ltd; Niit Technologies Ltd 18.3% 30 Tata Motors Ltd Tata Motors European Technical Centre PLC; Jaguar Land Rover Automotive PLC; 16.9% Jaguar Land Rover Ltd; Incat International PLC 31 Greatship (India) Ltd Greatship (UK) Ltd 16.9% 32 Marksans Pharma Ltd Marksans Pharma U.K. Ltd; Relonchem Ltd; Bell,Sons & Co.(Druggists) Ltd 15.8% 33 Mastek Ltd Mastek (UK) Ltd 15.8% 34 Shashi Kiran Shetty S.H.E. Maritime Services Ltd; Ecu-Line UK Ltd 14.6% 35 Bombay Burmah Trading Corporation Ltd Britannia Brands Ltd; Associated Biscuits International Ltd; ABI Holdings Ltd 12.8% 36 Piramal Enterprises Ltd Piramal Healthcare UK Ltd 12.6% 37 Dynamatic Technologies Ltd Dynamatic Ltd 11.2% 38 Amtek Auto Ltd Amtek Aluminium Castings (Witham) Ltd; King Automotive Systems Ltd; Amtek Investments (UK) Ltd 11.0% 39 Elecon Engineering Company Ltd Radicon Transmission UK Ltd 10.8% 40 Khorakiwala Holdings and Investments Private Ltd C P Pharmaceuticals Ltd; Wockhardt UK Holdings Ltd; Wockhardt UK Ltd 10.7% 41 Atul Ltd Atul Europe Ltd; D.P.D. Ltd 10.7% India meets Britain 1 Indian companies in the UK Our India Tracker shows that Indian companies play an important role in the UK. There are over 700 Indian-owned businesses in the UK, employing more than 100,000 people*, according to our research. The top 41 fastest-growing Indian companies in the UK generate some £19 billion of turnover – although this figure is dominated by Tata Motors, which accounts for more than 80% of the total. Diverse business Long-term trends also made it an attractive place to do business, although clearly there is In terms of growth, however, the Our Tracker shows that many Indian strong competition from other parts of Tracker includes companies of all sizes. companies following the relatively well- the world, notably from the US market. Only five of the fast growth India trodden path to the UK are enjoying Our new research suggests that Tracker top 41 are large corporates the fruits of their investment. The UK the appetite and opportunities for (with more than £250 million turnover). has, of course, long been a popular successful UK investment by Indian The remainder are made up of 17 destination for Indian investment, companies remains as strong as ever mid-size corporates (£25 million to dating back more than 100 years when and appears to be picking up from post- £250 million turnover) and 19 SMEs Tata first established a UK presence. 2008 global credit crisis slow-down (£5 million to £25 million turnover). India’s economic liberalisation of levels, despite the economic difficulties the early 1990s saw a wave of ‘me-too’ both in the UK and, increasingly, in businesses turning their attention to India itself. According to a recent the UK, spurred on by early successes report by UK Trade & Investment in expanding overseas such as Sri Ram (UKTI), India is the fifth largest Industrial Enterprises (SIEL). Strong investor in the UK. existing connections with the Indian £19 billion business community in the UK have combined turnover Mid-size Large 19 SMEs 17 corporates 5 corporates (£5m to £25m (£25m to £250m (over £250m turnover) turnover) turnover) *This number may include employees outside the UK in overseas subsidiaries of UK companies 2 India meets Britain Key drivers The top five companies in the India Tracker more than doubled THE LEVEL OF GROWTH SHOWN Investing in the UK gives Indian turnover, no doubt partly as a result of BY THE TOP 41 COMPANIES IS companies direct access to the UK acquisitions. We estimate, however, that ALL THE MORE STRIKING GIVEN market for their products and services, overall around 60% of the companies in THE INCREASING DIFFICULTIES IN where traditionally they may have the top 41 are the result of establishing INDIA’S OWN ECONOMY, DOGGED relied on distributors. Some look to the and growing greenfield businesses AS IT HAS BEEN BY LOW GROWTH, UK as a springboard into Europe as ECONOMIC POLICY STAGNATION, rather than acquisition. they seek to go global to de-risk their AND PERSISTENTLY HIGH INFLATION There are, in addition, many Indian businesses and reduce reliance on AND INTEREST RATES companies with turnover of less than a stuttering domestic market. £5 million, and which therefore did Still others have been attracted not meet the India Tracker criteria, by the ability to acquire iconic UK that have shown even more spectacular brands, such as Typhoo, Jaguar Land growth rates, particularly in the Rover or fashion retailer East. Indian technology, telecoms and media sectors. investors can gain access to leading edge Systems Plus Solutions, Bharti Airtel technology, know-how and research, as Ltd and Zafin Labs UK Ltd are just evidenced for example by automotive three examples of Indian businesses giant Mahindra’s recent investment in growing exceptionally fast but which a research and development centre in do not fit our Tracker criteria. collaboration with Ricardo in the UK. The level of growth shown by the top 41 companies is all the more Growth dynamics striking given the increasing difficulties The top 41 fastest-growing companies in India’s own economy, dogged as identified by our Tracker achieved it has been by low growth, economic growth rates of more than 10%. policy stagnation, and persistently high 26 of these companies showed inflation and interest rates. Along with particularly impressive growth, in a a mounting fiscal deficit and problems tough UK economic climate, of more in the banking sector this has severely than 20%, far outstripping prevailing depressed business confidence. UK GDP growth. India meets Britain 3 The sector and regional footprint of the top 41 companies Rank UK subsidiaries (ultimate domestic owner and its subsidiaries) Sectors Regions 1 Bharat Forge International Ltd Automotive South 2 TVS Europe Distribution Ltd; Universal Components UK Ltd Automotive North 3 CG Automation Systems UK Ltd; CG Power Solutions UK Ltd Technology and telecoms North 4 Accord Healthcare Ltd; Astron Research Ltd Pharmaceuticals and chemicals South 5 Indigo (London) Holdings Ltd; Dion Global Solutions (UK) Ltd Technology and telecoms Midlands 6 Diligenta Ltd; Diligenta 2 Ltd Technology and telecoms London 7 Mathers Foundry Ltd Engineering and manufacturing North 8 State Bank of India Financial services London 9 Prometheon Entreprise Ltd; Clearmine Ltd; Cox & Kings (UK) Ltd; Quoprro Global Ltd Hospitality London 10 Rico Logistics Ltd; TVS Logistics Investment UK Ltd; TVS Supply Chain Solutions Ltd Transport and logistics North 11 Tata Communications (UK) Ltd Technology and telecoms London 12 Uni-tritech Ltd; Tritech Group Ltd; Tritech Precision Products (Barnstaple) Ltd; Technology and telecoms North Tritech Precision Products Ltd 13 Glenmark Generics (Europe) Ltd Pharmaceuticals and chemicals South 14 Punjab National Bank (International) Ltd Financial services