From India being ruled by the British, to India Inc powering the UK’s economy much has changed since Independence. The latest acquisition by an Indian firm came on Monday when Bharti Enterprises announced it would buy a 24.5 per cent stake in British telecommunications firm BT group worth 3.
2 billion pounds (around $4 billion). Bharti Enterprises has announced it will buy out the British company’s top investor Patrick Drahi. But how does India Inc drive the UK economy? Let’s take a closer look: Nearly 1,000 firms, $1.
5 billion in taxes The UK today is home to 971 Indian-owned firms, research from accounting firm Grant Thornton has showed. Thornton published the details in the 11th edition of its India meets Britain Tracker, which was developed in collaboration with the Confederation of Indian Industry. The companies employed 118,430 people in the UK and have a combined revenue of around $87 billion.
Those numbers are up from 2023 when India had 954 firms in the UK that employed 105,931 people were generating a combined revenue of $64 billion. They also paid $1.50 billion in corporation tax compared to $1.
2 billion in 2023. According to Grant Thornton, financial services companies comprises six per cent of all tracker companies. That figure was at just one per cent in 2023.
Five of the six financial services – India Infrastructure Finance Company UK Ltd, Union Bank of India, State Bank of India (UK), Bank of Baroda UK Ltd and Punjabi National Bank (International Ltd) �.