Revenue generated by 667 UK-owned businesses in India stood at over ₹5,08,200 crores (£47.5 billion). These companies employed over 5,23,000 people in the country, according to a 2024 Grant Thornton Bharat report released in collaboration with the Confederation of Indian Industry.
In the fourth edition of the ‘Britain Meets India 2024’ report, underlining the latest trends in UK investments in India, Grant Thornton Bharat identified 667 companies incorporated in India and owned or controlled, directly or indirectly, from the UK.
Among these, 162 companies meet the criteria for the Growth Tracker, which includes companies with annual revenues exceeding ₹50 crore, a year-on-year (YoY) revenue growth of at least 10 per cent, and a minimum two-year track record of filing with India’s Ministry of Corporate Affairs.
This year, the number of UK-owned businesses in India went up from 635 in 2023. Last year, the turnover was over ₹4,88,800 crores (£45.7 billion), with 147 companies qualifying for the BMI Growth Tracker. However, last year, 6,66,689 Indians were employed.
According to the report, fifteen UK companies have achieved triple-digit turnover growth rates, with Vedanta leading as the largest UK company in India by revenue, generating over ₹1,50,100 crores in 2023. Vedanta is also the largest UK employer in India, with 87,513 employees.
Pallavi Bakhru, Partner and Head of the India-UK Corridor at Grant Thornton Bharat, commented, “With the India-UK Free Trade Agreement on the horizon, we expect significant growth opportunities for UK companies in India. Our Britain Meets India tracker showcases transformative investments across key sectors such as education, technology, and infrastructure, which are crucial for India’s long-term growth.”
The average growth rate of companies within the Growth Tracker reached 71 per cent, up from 46 per cent in 2023.
Maharashtra alone accounts for 36 per cent of UK companies in India, with Delhi NCR, Karnataka, and Tamil Nadu also emerging as major hubs.
The report observed that the key driver of economic ties between the two nations is the role of UK MSMEs, which make up 63 per cent of UK businesses operating in India.
These MSMEs are particularly active in business services, contributing 24.4 per cent of the combined turnover of micro and small enterprises. Other prominent sectors include industrial products (16.4 per cent), media and telecom (13.6 per cent), technology (12.4 per cent), and financial services (6.5 per cent).
Harjinder Kang, His Majesty’s Trade Commissioner for South Asia and Deputy High Commissioner for Western India shared, “The UK-India relationship is a shining example of a thriving partnership, with trade and investment valued at £42 billion and over 700,000 million jobs supported across both economies.”
“As we look to the future, the growth potential is immense, with India projected to have the third-largest economy by 2030 and a burgeoning middle class driving consumer spending. We’re poised for a once-in-a-generation revolution in sectors like net zero, AI, healthcare, and life sciences - and together, the UK and India can lead the way.”
Reflecting on future potential, the report examines the outbound investment flow from India to the UK, with recent high-value deals such as Bharti Global’s $4 billion investment in British Telecom Group.