Indian investments abroad

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India bags silver for London investments

Kounteya Sinha TNN

The Times of India 2013/07/20

London: India has emerged the second-biggest investor in London after US, since the Olympics 2012.

A report for the government and mayor of London released on Friday showed that the British economy has seen a 9.9-billion-pound boost in trade and investment from hosting the London Olympic and Paralympic Games through new contracts and foreign investment in the last year to the Games.

London alone reaped 4 billion pounds of the FDI since the Games — a big chunk of which coming from Indian companies like Infosys, Axis bank, Indiabulls, Zomato Technologies, export house Vijay Enterprises and Delhi-based technology company Kayako Infotech.

The data shows that as many as 28 Indian projects through FDI have been completed between 2012-13 —ahead of 22 from China.

The US, however, led the table with 48 completed projects in 2012-13 which generated 1,694 jobs. In comparison, Indian projects generated 429 jobs, while China created 365 jobs.

The latest figures show that the number of completed FDI projects from India has increased since 2011-2012 during which 19 Indian FDI projects in London were completed creating 830 jobs. Indian FDI projects in 2012-13 will generate 24 million pounds for London’s economy over the next three years.

London and Partners CEO Gordon Innes told The Times of India that during last[2012] summer’s Olympics, mayor Boris Johnson hosted hundreds of business leaders including those from India to see what London could offer. The ‘Games Time Hosting Programme’ (GTHP), which cost 800,000 pounds, has so far resulted in the creation of 1,700 jobs and 24 secured investment projects. Innes said, “India is London’s second-most important investment market. We now intend to attract more Indian IT and gaming companies.”

Axis Bank, which attended the Games time hospitality programme, opened its London office, the first subsidiary outside of Asia in July 2013.