By IANS
Bangalore : Following in the footsteps of big-ticket companies, small and medium British tech firms are on a trade mission to India this week to identify strategic partners and explore business opportunities.
As part of the UK Trade and Investment delegation, about 80 British companies are on a reconnaissance mission to Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi to assess business potential of investment, collaboration and outsourcing.
“These firms, though small and medium, have the same zeal and commitment as their bigger counterparts for innovation and entrepreneurship. Many of them make good partners for Indian firms in the same segment to leverage their domain strength and benefit mutually,” British High Commissioner to India Richard Stagg told IANS here late Tuesday on the sidelines of a meeting here with members of Nasscom (National Association of Software and Services Companies).
With outflow in joint ventures and wholly owned subsidiaries from India registering phenomenal growth in the last fiscal (2006-07) to $1.87 billion from $158 million in 2005-06, British firms are also showcasing their strengths and core competencies for similar investments.
The British information and communication technologies (ICT) sector supports a range of key sectors, including pharmaceuticals, aerospace and broadcasting.
“The five-fold increase in flights between top Indian cities and London to 100 a week from 19 in 2004 is a testimony to the unprecedented growth of travel by business and leisure categories. The buyout of Corus by Tata Steel and of Hutch by Vodafone over the last 12 months demonstrated the win-win situation for Indian and British firms,” Stagg pointed out.