Takeover by Indian firms increased jobs in UK: British lawyerFebruary 18th, 2008 - 8:59 pm ICT by admin
Chennai, Feb 18 (IANS) Acquisition of British companies by Indian corporate majors has benefited the former and has led to creation of more jobs, a top British lawyer said here Monday. Teja Picton Howell, partner of the London-based commercial law firm Picton Howell LLP, said contrary to the general belief of job cuts, there was an increase in jobs when an Indian company took over a British firm.
He is part of the trade delegation to Chennai organised by the UK Trade and Investment and London Chamber of Commerce and Industry. The business team is here to promote London as an ideal investment destination for Indian companies.
“A UK entity becomes more competitive after the takeover by an Indian company,” he said.
Speaking at a gathering of industrialists and service sector officials, Mike Connor, deputy high commissioner, Chennai, said London offered better advantages than any other European cities for the business community.
“London’s main strength is its services sector,” he said.
Michael Gourlay, director of Asia Pacific, Europe and Africa, Think London, said the city of London was rich with creative talent and the major driving force of the country’s economy.
Citing a study he added that Indian and American companies based in London generated better return on investment (ROI) than those located in other European cities.
“London-based companies grow and diversify their operations faster,” he said.
He further invited Indian firms to invest in London and benefit from the 4 billion pound ($7.8 billion) opportunity available at the London Olympic Games to be held in 2012.
T.T. Ashok, managing director of Taylor Rubber Pvt Ltd, expressed concern that many Indians would return home as result of UK’s new immigration rules.