UK Investment Minister Poppy Gustafsson has just concluded her two-city visit to India – Mumbai and Bengaluru – to bang the drum for Britain, champion free trade and promote exciting investment opportunities in the UK economy.
The visit coincided with Business and Trade Secretary Jonathan Reynolds visit to New Delhi to relaunch the Free Trade Agreement (FTA) negotiations. The UK Department for Business and Trade (DBT) highlighted that recent Indian investments in the UK cover a range of sectors including AI, professional services and textiles and are expected to create hundreds of new jobs over the next three years.
According to DBT, this continues the trend of strong Indian investment into the UK in recent years, with the last year-on-year change showing the value of inward FDI stock from India having increased 28 per cent at the end of 2023. India has remained the second largest investor in terms of number of projects into the UK for five consecutive years.
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The deals come as UK insurance companies gain more potential to expand in India thanks to the recent Indian Budget which increased the amount of foreign direct investment (FDI) permitted in the insurance sector from 74 per cent to 100 per cent.
The investment announcements include:
Aaseya Technologies, professional services company specialising in digital transformation through automation, is growing its presence in London and creating up to 250 new jobs over three years with a £25 million investment.
Sastra Robotics is investing £8 million in Manchester over three years, creating 75 new jobs. The investment aims to expand the company’s robotics innovation and development. This is the first time a robotics company from South India has invested in the UK.
AI CyberIntel company Deepcytes has set up its global headquarters in London, investing £5 million and creating 80 jobs in the next three years to combat problems of anti-bullying and cyber frauds.
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University Living, a global student housing managed marketplace, plan to open a new UK office, investing £10 million and creating 50 jobs over three years.
One of the largest producers of hand-knotted rugs in India, Jaipur Rugs have opened a store in London and are looking to create 75 jobs through a £5 million investment over the next three years.
Time Cinemas have established their global headquarters in the UK, introducing The Black Box by Time, an innovative, patent applied, cloud platform solution that empowers filmmakers, content creators, producers, and distributors to reach out to a much wider cinema audience across geographies. This expansion will create 75 new jobs in London over the next three years, supported by a capital expenditure of £20 million.
*Info: India-UK FTA Joint Statement
