Date:28/03/2006 URL: http://www.thehindubusinessline.com/2006/03/28/stories/2006032802040700.htm

Back London Mayor invites Indian investors

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D1 Oils, Nandan Biomatrix tie-up for jatropha research centre

Hyderabad , March 27

The UK-based, D1 Oils has committed investment to the tune of Ł13 million on bio-diesel plantations in India in the next 7 years.

The company has entered into a joint venture with the Hyderabad-based Nandan Biomatrix Ltd to set up a research and development centre for jatropha seedlings together with a seed bank for bio-diesel plantations.

Citing this example, the Lord Mayor of the City of London, Mr Alderman David Brewer, said in Andhra Pradesh, there are at least 30 Indo-UK joint ventures and the number was growing.

Joint ventures

HSBC's data processing Centre, employing 1500; SPG Media, a media publisher employs over 250, AxSys Technology Ltd, has set up AxSys HealthTech Ltd, employing around 100. Similarly, UK companies also have interests in food processing, steel, fertilisers and shipping.

"We hope to see more partnerships like these in India and also in the UK in the near future from Indian corporates," the Lord Mayor said in his address at the FICCI sponsored seminar on `The City of London-Your Gateway to Global Business' here today.

Presenting a strong pitch for London as the best destination for Indian businesses, Mr Alderman Brewer said already more than 430 Indian companies have a base, with two-thirds in the ICT/software sector.

Twenty-two Indian companies are listed in the UK and admitted to the London Stock Exchange with the total market capitalisation of over $40 billion.

He said a major lesson that could be drawn from the success of London city as a global financial and business hub, was the fact that it benefited substantially through the presence and contribution of foreign companies.

In his presentation, Mr Hugh Sandeman, Head of Business Development for India, London Stock Exchange (LSE), said over $5 billion worth securities of Indian companies were traded on the exchange last year.

For Indian companies London offers the best in terms of leading financial centre, optimal access to global investors and financial sources.

Earlier, Mr Narendra Surana, Past Chairman of FICCI, in his welcome address said Hyderabad had a strong presence of IT, pharma, insurance and entertainment companies.