Number of Indian-owned companies in the UK hits record high, says GT

The number of Indian-owned companies operating in the UK has reached a record high of 954, a significant increase compared to 900 the previous year, according to new research from Grant Thornton.

The tenth annual edition of the Grant Thornton India meets Britain Tracker, developed in collaboration with the Confederation of Indian Industry, analysed the data of UK-incorporated limited companies that are either owned or controlled by Indian interests, and has tracked the evolving ties between India and the UK for a decade.

The research finds that Indian-owned companies’ presence and contribution to the UK economy has increased significantly since the research began in 2014, with the combined turnover of Indian-owned companies in the UK has more than doubled: from £19bn in 2014 to £50.5bn in 2023. 

Commenting on the results, Anuj Chande, head of south Asia business group, Grant Thornton UK LLP, said: “The number of Indian-owned companies operating in the UK remained at its highest level over the past 12 months, despite businesses and economies worldwide still feeling the impact of the pandemic. 

“This increasing presence in the UK is reflective of the growing relationship between the two countries, with the past decade witnessing ever deepening ties between India and the UK. Bilateral trade, for example, has more than doubled from £16.4 bn in 2013 to £35.9 bn in 2022. The UK continues to have an attractive offering for Indian investors with a common business language, access to high quality education and strong brands all contributing to the pull of the UK to Indian business leaders.”  

The research also identifies the fastest growing Indian companies in the UK each year, measured by those with a turnover of more than £5m, year-on-year revenue growth of at least 10% and a minimum two-year track record in the UK.

Of the 954 companies included in the research, 79 met the qualifying criteria for appearing in the Tracker – more than double that of 2022 (37). This is the most companies that have met the qualifying growth criteria since 2018, demonstrating the clear post-pandemic recovery that is now underway. 

The three fastest growing companies in this year’s research by year-on-year revenue growth were: LT Foods International Ltd (807%), St James Court Hotel Ltd (491%) and Reliance Big Entertainment (UK) Private Ltd (364%).

While London remains the preferred location in the UK, with 35 of the 79 companies in this year’s Tracker headquartered in the capital as in last year’s research, many Indian-owned companies are starting to look beyond London for growth opportunities and those located outside of the capital now account for more than 50% of the total.

The North is the most popular region outside of London, with 20% of all Tracker companies located there. This year, for the first time, the Tracker also includes a company headquartered in Northern Ireland.

Chande said: “The anticipated UK-India Free Trade Agreement, expected to be concluded this year, will likely be a platform for further growth in the Indian footprint in the UK. And with the Indian economy forecast to become the third largest in the world by 2030, we expect to see a further boost to two-way trade and investment between India and the UK moving forward.”