Date:07/03/2006 URL: http://www.thehindubusinessline.com/2006/03/07/stories/2006030702710300.htm

Back `Indian cos are second largest investor in London'

Our Bureau

New Delhi , March 6

Indian companies account for 30 per cent of all foreign investment in London, making it the second largest overseas investor in the city after the US, according to Think London, which is the foreign direct investment agency for London.

Last year, 22 Indian companies set up businesses in London; this is likely to generate around 400 new jobs.

Three quarters of the investing businesses are in the telecom, pharmaceutical, and IT sectors, led by software and computer companies from Bangalore and Mumbai, according to a release issued by Think London.

The CEO of the company, Mr Michael Charlton, said: "While much attention has been given to UK companies outsourcing jobs to India, the fact is that successful Indian businesses - notably in the technology sector - are expanding rapidly in the global market and bringing new jobs to London."