PM Boris Johnson announces new deals worth £1 billion on India visit.
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Loading... - Manasvi Reddy
- 21 Apr 2022
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Prime Minister Boris Johnson arrived in India on Thursday morning for his two-day visit. He will announce a host of commercial agreements and unsher in a new era in UK and India’s trade, investment and technology partnership.
As per a press statement by the British High Commission, PM Johnson will use his visit to India to boost ties with India, slashing trade barriers for UK businesses and driving jobs and growth at home.
"UK and Indian businesses will confirm more than £1 billion in new investments and export deals today in areas from software engineering to health, creating almost 11,000 jobs across the UK," the statement read.
PM Johnson spoke of the vast possibilities for the two nations. “As I arrive in India today, I see vast possibilities for what our two great nations can achieve together. From next-generation 5G telecoms and AI to new partnerships in health research and renewable energy the UK and India are leading the world. Our powerhouse partnership is delivering jobs, growth and opportunities for our people, and it will only go from strength-to-strength in the coming years,” he said.
The UK will confirm major new science and tech collaboration, including a Digital Health partnership and a joint investment fund for Indian deep-tech and AI start-ups, supported by the UK and Indian governments; new AI scholarships for Indian students jointly funded by the UK Government’s Chevening programme and India’s Adani Group; and a £6m investment from AI healthcare specialists Qure-ai to open a Centre of Excellence in the UK.
The total investment of £1.04bn will generate an estimated 10,906 jobs. The investment has been broken down as:
INVESTMENT IN FDI :
Switch Mobility: Firm will establish an R&D Centre in the UK this summer, part of the companies £300m investment and 4000 highly skilled jobs across UK and India.
Mastek: Investment of around £79m to expand their UK operations, creating 1600 UK jobs
FirstSource: Investment of £21m to set up ‘hub and spoke’ offices across the UK, creating 1000 UK jobs
Tech Machinda: New collaboration with the Alun Turing Institute to bolster AI growth, wit the aim to create 1,000 jobs in the UK
Mphasis: £5m investment to set up a new office in the north of England, generating around 700 high skill jobs
Prodapt: £100m investment expand software and technology service operations in the UK, creating around 500 jobs.
Bharat Forge Tevva Motors: £50m to expand into a new site in the UK for electric truck manufacturing, creating 500 UK jobs
Jupiter LifeLine Hospitals Ltd: Setting up a state of the art Neuro Rehabilitation Centre for patients in the UK, creating 500 jobs with an investment of around £50m.
TVS Motors: Investing around £100 in iconic British brand Norton Motorcycle. This is expected to create 250-300 direct jobs over the next 3 years and another 500-800 indirect jobs across the supply chain.
Brinton Pharmaceuticals: Setting up a global research and development hub in the UK with an investment of £30m, creating around 300 jobs.
LTI - £1mn, creating 300 UK jobs
TVS Supply Chain Solutions: Expanding in the UK with an additional £4m investment, creating 280 jobs
Leverage Edu: Indian Edtech startup Leverage Edu investing £15m over the next three years to build its UK presence, creating 150 UK jobs.
Gogji: MedTech Startup Qure.ai investing £10m to expanding in the UK, creating 100 high quality jobs
Property Share: First property-tech company from India entering the UK market, £10m creating 60 jobs
Xelpmoc: Indian tech company will invest £3.5 for a technology and innovation excellence centre in the UK, creating 60 jobs.
HyperXchange: HX, one of India's leading Refurbished electronics brand, is investing £3m to create a new entity in England and Scotland, creating 60 jobs.
Leption Software: Expanding existing operations in Manchester. £3m, creating 56 jobs.
Byjus’s: Fintech firm has chosen the UK to be their first global innovation hub, creating 55 jobs with a £15m investment
Gayam Motor Works: £10m investment to establish an e-vehicle assembly unit in the UK, creating 55 jobs.
Searce: Technology firm will invest £10 to invest in the UK, creating 50 jobs.
Manras Technologies: Software start-up will invest 8.5m to expand operations in the UK, creating 50 jobs.
Forest Essentials: Indian luxury beauty brand investing £5m for a new UK office, creating 40 jobs
Tata Chemicals: £23m investment to expand UK operations, creating 30 jobs
Apollo Tyres: £5m investment to open a Digital Innovation Hub in the UK, creating 25 jobs
Start-up Voyager: £2.2 investment to boost UK operations, creating 25 jobs
Microlabs: Indian Pharmaceuticals company investing £10m to expand in the UK
Qure AI Technologies - £6mn, creating 15 UK jobs. Read More...
