22 British defence companies with $60 billion in revenue keen to do business with India: Report
This comes as the country seeks to build closer links with the Indo-Pacific region, and deeming China as an ‘epoch-defining challenge’ to the world order.
- Apr 7, 2023,
- Updated Apr 7, 2023 9:58 AM IST
A group of British defence companies are reportedly planning to boost tie-ups or make new investments in India as they look to diversify their supply chains. The UK seeks to deepen economic, defence and security ties with India.
This comes as the country seeks to build closer links with the Indo-Pacific region, and deeming China as an ‘epoch-defining challenge’ to the world order, as mentioned in a report in Reuters.
UK-India Business Council (UKIBC) Chief Executive Richard McCallum told the agency that a group of 22 British defence companies with collective revenues of about $60 billion is really focussed on doing business with and in India.
Around 11 of them already have established joint ventures of subsidiaries in India, but are looking to do more.
Among those with a presence in India's aerospace and defence sector, BAE Systems has an Indian unit, while MBDA has a venture with Larsen & Toubro, and Rolls-Royce is looking to collaborate on jet engine technology.
It is still unclear which firms are looking to make investments and which companies they are in talks with.
"We think it is important to embed India into your supply chain," McCallum said in an interview.
This comes amid the free trade deal that is being negotiated between India and Britain to boost annual bilateral trade.
As per UKIBC Chair Richard Heald, sustainable energy and green finance were among the areas of collaboration. Heald also said that he hopes to see more clarity on protection of investments in order to boost confidence.
A group of British defence companies are reportedly planning to boost tie-ups or make new investments in India as they look to diversify their supply chains. The UK seeks to deepen economic, defence and security ties with India.
This comes as the country seeks to build closer links with the Indo-Pacific region, and deeming China as an ‘epoch-defining challenge’ to the world order, as mentioned in a report in Reuters.
UK-India Business Council (UKIBC) Chief Executive Richard McCallum told the agency that a group of 22 British defence companies with collective revenues of about $60 billion is really focussed on doing business with and in India.
Around 11 of them already have established joint ventures of subsidiaries in India, but are looking to do more.
Among those with a presence in India's aerospace and defence sector, BAE Systems has an Indian unit, while MBDA has a venture with Larsen & Toubro, and Rolls-Royce is looking to collaborate on jet engine technology.
It is still unclear which firms are looking to make investments and which companies they are in talks with.
"We think it is important to embed India into your supply chain," McCallum said in an interview.
This comes amid the free trade deal that is being negotiated between India and Britain to boost annual bilateral trade.
As per UKIBC Chair Richard Heald, sustainable energy and green finance were among the areas of collaboration. Heald also said that he hopes to see more clarity on protection of investments in order to boost confidence.