India meets Britain Tracking the UK's top Indian companies
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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 India Infrastructure Finance Company (UK) Ltd 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 1Indian 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
£19
investor in the UK.
existing connections with the Indian
billion business community in the UK have
combined turnover
19 SMEs 17 Mid-size
corporates 5 Large
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 BritainKey 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, THE INCREASING DIFFICULTIES IN
overall around 60% of the companies in
where traditionally they may have INDIA’S OWN ECONOMY, DOGGED
the top 41 are the result of establishing
relied on distributors. Some look to the AS IT HAS BEEN BY LOW GROWTH,
and growing greenfield businesses
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 3The 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 India Infrastructure Finance Company (UK) Ltd 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 London
15 Firstsource Solutions UK Ltd Technology and telecoms South
16 Secure Meters (UK) Ltd; Advanced Energy Monitoring Systems Ltd; Secure Controls (UK) Ltd Technology and telecoms South
17 Acuma Solutions Ltd; Saksoft Investments PVT Ltd Technology and telecoms North
18 Essar Energy PLC Energy London
19 Enzen Global Ltd Technology and telecoms Midlands
20 Milpharm Ltd Pharmaceuticals and chemicals South
21 ACG Europe Ltd Pharmaceuticals and chemicals London
22 Lodestone Management Consultants Ltd Technology and telecoms London
23 Vega Industries Ltd Engineering and manufacturing South
24 Simon Carves Engineering Ltd Engineering and manufacturing North
25 The Jewellery Channel Ltd Wholesale and retail trade South
26 United Phosphorus Ltd Pharmaceuticals and chemicals North
27 Repower UK Ltd; Suzlon Wind Energy Ltd Energy London
28 Zylog Systems (Europe) Ltd Technology and telecoms South
29 Niit Ltd; Niit Insurance Technologies Ltd; Niit Technologies Ltd Technology and telecoms London
30 Tata Motors European Technical Centre PLC; Jaguar Land Rover Automotive PLC; Automotive Midlands
Jaguar Land Rover Ltd; Incat International PLC
31 Greatship (UK) Ltd Transport and logistics South
32 Marksans Pharma U.K. Ltd; Relonchem Ltd; Bell,Sons & Co.(Druggists) Ltd Pharmaceuticals and chemicals London
33 Mastek (UK) Ltd Technology and telecoms South
34 S.H.E. Maritime Services Ltd; Ecu-Line UK Ltd Transport and logistics South
35 Britannia Brands Ltd; Associated Biscuits International Ltd; ABI Holdings Ltd Food and beverage London
36 Piramal Healthcare UK Ltd Pharmaceuticals and chemicals North
37 Dynamatic Ltd Engineering and manufacturing South
38 Amtek Aluminium Castings (Witham) Ltd; King Automotive Systems Ltd; Amtek Investments (UK) Ltd Automotive Midlands
39 Radicon Transmission UK Ltd Automotive North
40 C P Pharmaceuticals Ltd; Wockhardt UK Holdings Ltd; Wockhardt UK Ltd Pharmaceuticals and chemicals North
41 Atul Europe Ltd; D.P.D. Ltd Pharmaceuticals and chemicals North
4 India meets BritainFast-growth sectors Regional patterns
32 % Over half of the fastest-growing
companies in our India Tracker top
41 are in the pharmaceuticals and
Contrary to what some may believe,
London is not the overwhelming
dominant location in which Indian
chemicals (22%) and technology and companies choose to set up, according
telecoms (32%) sectors. These sectors to our research. In fact, the India
TECHNOLOGY
have remained enduringly strong for Tracker shows that the fastest-growing
AND TELECOMS outward-looking Indian enterprises Indian companies in the UK are fairly
attracted to UK know-how, technology evenly spread throughout the country,
22%
and market positioning. with just under 30% of the top 41 based
Indian companies also appear in the capital.
to regard the UK as a good base for The North of England has 29%
engineering and manufacturing, with of the total, the South 32%, and
10% of the top 41 operating in the interestingly, just 10% are based in
industry. The automotive industry the Midlands, traditionally the heart
remains a significant contributor to of UK manufacturing. These patterns
PHARMACEUTICALS growth, with 10% of the India Tracker are encouraging signs that other UK
AND CHEMICALS companies operating in the sector. regions have successfully established
Unsurprisingly this is dominated by themselves as centres of expertise able
Tata Motors. to attract inward investment.
Food manufacturers such as
Britannia Brands, also feature in the
Tracker. Many such businesses, have
been actively accessing technology and
brands in this sector and successfully
exporting this to the Indian market,
as evidenced for example by India
Hospitality Corporation’s acquisition
of Adelie Foods in 2012.
NORTH
29%
CONTRARY TO WHAT SOME MAY BELIEVE, LONDON IS NOT
THE OVERWHELMING DOMINANT LOCATION IN WHICH INDIAN
MIDLANDS
COMPANIES CHOOSE TO SET UP ... THE INDIA TRACKER SHOWS 10%
THAT THE FASTEST-GROWING INDIAN COMPANIES IN THE UK ARE
LONDON
29%
FAIRLY EVENLY SPREAD THROUGHOUT THE COUNTRY
SOUTH
32%
India meets Britain 5Employment
Top Indian employers in the UK
Rank Indian parent company UK subsidiaries (ultimate domestic owner and its subsidiaries) No. of employees
1 Tata Steel Ltd Tata Steel Europe Ltd; Tata Steel International (UK) Ltd 32,611
2 Tata Motors Ltd Tata Motors European Technical Centre PLC; Jaguar Land Rover Automotive PLC; 25,640
Jaguar Land Rover Ltd; Incat International PLC
3 Bombay Burmah Trading Corporation Ltd Britannia Brands Ltd; Associated Biscuits International Ltd; ABI Holdings Ltd 4,619
4 Essar Family Essar Energy PLC 3,951
5 Tata Consultancy Services Ltd Diligenta Ltd; Diligenta 2 Ltd 3,143
6 Firstsource Solutions Ltd Firstsource Solutions UK Ltd 3,090
7 Cox & Kings Ltd Prometheon Entreprise Ltd; Clearmine Ltd; Cox & Kings (UK) Ltd; Quoprro Global Ltd 3,081
8 HCL Technologies Ltd HCL BPO Services (NI) Ltd; HCL Insurance BPO Services Ltd; Axon Solutions Ltd; 2,971
HCL Great Britain Ltd
9 India Hospitality Corporation Adelie Foods Group Ltd 2,726
10 Tops Security Ltd The Shield Guarding Company Ltd; Topsgrup Security UK Ltd 1,913
11 Tata Global Beverages Ltd Tata Global Beverages Group Ltd; Tata Global Beverages Capital Ltd 1,280
12 Tata Chemicals Ltd Homefield PVT UK Ltd; Brunner Mond Ltd; General Chemical (Great Britain) Ltd; 1,254
Gusiute Holdings (UK) Ltd; Tata Chemicals Magadi Ltd
12 INDIAN COMPANIES
each employ 1,000+ people in the UK*
*This number may include employees outside the UK in overseas subsidiaries of UK companies
6 India meets BritainMajor employer There is little correlation between
the fastest-growing companies and THERE IS LITTLE CORRELATION
According to our research, more than
those with the most employees. Some BETWEEN THE FASTEST-GROWING
100,000 people* are employed by over
of the larger employers, such as Adelie COMPANIES AND THOSE WITH
700 Indian companies operating in the THE MOST EMPLOYEES. SOME OF
Foods – the 8th largest Indian employer
UK, although this may include some THE LARGER EMPLOYERS, SUCH
in the UK, with over 2,000 employees –
employees based outside the UK in AS ADELIE FOODS – THE 8TH
do not appear in this year’s Tracker.
overseas subsidiaries. LARGEST INDIAN EMPLOYER IN
Equally, some of the fastest-growing
There are 12 Indian corporates THE UK, WITH OVER 2,000
businesses have as yet had a relatively
employing more than 1,000 people each EMPLOYEES – DO NOT APPEAR
limited employment footprint: Bharat IN THIS YEAR’S TRACKER
in the UK. Five of these 12 companies
Forge Ltd, for example, at the top of the
are owned by Tata Group and employ
India Tracker with 465% growth in 2013,
some 63,000 people*. Of these, Tata
has only a limited UK workforce, and
Motors currently employs more than
TVS Srichakra Ltd in second place for
25,000 people and is currently increasing
growth, has just over 100 employees.
its investment in Jaguar Land Rover.
The top employers operate across a
wide variety of sectors with particular
strength in technology and telecoms
(33%) and food and beverage (25%).
100,000+ people employed by 700+
Indian companies in the UK*
*This number may include employees outside the UK in overseas subsidiaries of UK companies
India meets Britain 7A more challenging outlook?
While there were more encouraging signs for the Indian economy in the last quarter
of 2013, with growth rebounding slightly, India’s growth rate remained below 5%
throughout the year – far below recent historic levels – and reached its lowest point
for four years in the previous quarter. With half of the country’s population
under 25, economists say the country must grow by at least 8% if it is to generate
enough jobs for the 13 million young people flooding the workforce every year.
At present, however, consistent quarter-on-quarter growth and
a strong economic recovery are far from guaranteed.
Similarly, although Indian M&A has but there are concerns that it may be
shown some recent signs of renewed severely hampered in implementing its ALTHOUGH HINDERED BY THE
resilience, the general picture has been more progressive policies if forced into CURRENT ECONOMIC AND POLITICAL
one of a major fall-off in corporate a coalition. SITUATION, THERE IS A GREAT DEAL
activity during one of the most However, although hindered by OF PENT-UP DEMAND AMONG INDIAN
uncertain economic periods in recent the current economic and political BUSINESSES LOOKING TO SET UP
IN THE UK
Indian history. Investors remain situation, there is a great deal of
cautious in the face of continued pent-up demand among Indian
uncertainty. The situation is not helped businesses looking to set up in the UK.
by the weaker rupee, which appears to With many Indian companies having
be further curtailing the Indian appetite significant cash stockpiles on their
for overseas acquisition. balance sheets, we might expect to see
India now awaits the May elections, some of this potential unleashed as
set to play a pivotal role in its companies seek to replicate the success
economic future. The prospect of a of our Tracker top 41 in the UK as and
more pro-business BJP government when the economy improves.
has undoubtedly spurred the markets,
8 India meets BritainAbout our research About Grant Thornton UK LLP
Our Tracker, developed in collaboration with the Grant Thornton UK LLP is a leading business and financial
Confederation of Indian Industry, identifies the top 41 adviser with offices in 28 locations nationwide. Led by
fastest-growing Indian companies in the UK as measured over 200 partners and employing more than 4,500 of
by percentage revenue growth year-on-year, based on the profession’s brightest minds, we provide personalised
the latest published accounts. assurance, tax and specialist advisory services to privately-
held businesses and public interest entities.
The Tracker includes Indian corporates with operations
headquartered or with a significant base in the UK, South Asia Group
with turnover of more than £5 million and a minimum
Our long-established South Asia Group serves Asian-owned
two-year track record in the UK. Turnover figures have
businesses in the UK as well as those investing into and from
been annualised where periods of less or more than
the Indian subcontinent.
12 months have been reported.
We are widely recognised as one of the leading international
It also identifies the top Indian employers out of more than
firms advising on India-related matters and have been
700 Indian companies operating in the UK. The Tracker
involved in every IPO involving an Indian company on AIM,
highlights companies employing more than 1,000 people.
with the exception of the real estate sector.
About the Confederation of Indian Industry (CII) For those clients requiring advice in both the UK and India,
CII, a non-government, not-for-profit, industry-led and industry- we offer a seamless service building on the already strong
managed organisation, partners business, government, and and close relationship between Grant Thornton UK LLP and
civil society, through advisory and consultative processes, Grant Thornton India.
to create and sustain an environment conducive to the
development of India. About Grant Thornton India LLP
Founded in 1885, CII works with Government on policy issues, Grant Thornton India LLP is one of the oldest and most
interfaces with thought leaders, and enhances efficiency, prestigious accountancy firms in the country. Today, it has
competitiveness and business opportunities for industry grown to be one of the largest accountancy and advisory
through diverse specialised services and global linkages. firms in India with nearly 1,500 professional staff in New
Extending its agenda beyond business, CII also engages in Delhi, Bangalore, Chandigarh, Chennai, Gurgaon, Hyderabad,
initiatives for integrated and inclusive development. Kolkata, Mumbai and Pune, and affiliate arrangements in
most of the major towns and cities across the country.
With 64 offices, including 9 Centres of Excellence, in
India, and 7 overseas offices, as well as partnerships with The firm’s mission is to be the adviser of choice to dynamic
counterpart organizations across the globe, CII is a reference Indian businesses with global ambitions – raising global
point for Indian industry and the international business capital, expanding into global markets, adopting global
community. www.cii.in standards or acquiring global businesses.
For further information about this report, contact:
Anuj Chande
Partner and Head of the South Asia Group
Grant Thornton UK LLP
T +44 (0)20 7728 2133
E anuj.j.chande@uk.gt.com© 2014 Grant Thornton UK LLP. All rights reserved. ‘Grant Thornton’ means Grant Thornton UK LLP, a limited liability partnership. Grant Thornton is a member firm of Grant Thornton International Ltd (Grant Thornton International). References to ‘Grant Thornton’ are to the brand under which the Grant Thornton member firms operate and refer to one or more member firms, as the context requires. Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by member firms, which are not responsible for the services or activities of one another. Grant Thornton International does not provide services to clients. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. grant-thornton.co.uk EPI1069
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