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The fourth edition of the Britain Meets India (BMI) report highlights the leading UK companies operating in India, ranking them based on revenue, growth, and employment, showcasing the strong partnership between the two countries. The relationship between India and the UK has grown stronger over the years, with a focus on shared economic interests, mutual growth, and investment opportunities in India.
The UK remains one of India’s most significant trading partners with a bilateral trade relationship valued at GBP 42 billion, reflecting the deepening economic ties between the two nations. Recent initiatives, including the 2030 Roadmap and the impending India-UK Free Trade Agreement, aim to deepen this collaboration, focusing on areas such as UK-India trade relations, investment, and innovation.
This year’s research has identified 667 British companies in India, up from 635 in 2023. Collectively, these companies have a turnover of approximately INR 5,082 billion (GBP 47.5 billion) and employ around 516,032 people. Notably, 162 companies qualified for this year’s BMI Growth Tracker, with an average growth rate of 71%, up from 46% in 2023. From the 2023 BMI Growth Tracker, 80 companies feature in the 2024 list.
The India-UK collaboration has strengthened across multiple sectors, driven by initiatives under India's National Education Policy (NEP) 2020, which enabled the University of Southampton to establish a campus in Gurugram by July 2025. The Mutual Recognition of Qualification Agreement facilitates joint degree programs, with Indian students representing 26% of non-EU international enrolments in the UK. In telecommunications, the new Technology Security Initiative promotes joint research on 5G and 6G technologies, supported by significant investments from British telecom companies. Cybersecurity cooperation is also deepening, focusing on threat assessments and data protection. Additionally, the UK-India Infrastructure Financing Bridge aims to attract international investment for transforming infrastructure projects in India. Notably, in 2023, Indians became the largest group of immigrants to the UK, largely due to increased work visas in healthcare, although future immigration policies may impact these trends.
Among these, the business services sector particularly stands out, contributing to 24.4% of the combined turnover of micro and small enterprises. This is followed by the industrial products sector at 16.4%, and media and telecom at 13.6%. Other significant sectors include technology (12.3%) and financial services (6.5%). These firms account for 40% of GDP and 80% of employment, offering a cost-effective labour market for UK firms. Initiatives like Tide’s MSME Exchange Programme and HSBC’s financing efforts further support UK MSMEs and strengthen bilateral trade.
In 2024, the India-UK investment landscape witnessed shifts in inbound and outbound activities. While inbound investment deals saw a decline, there was a surge in the value of outbound investments, indicating a dynamic investment scenario that reflects both challenges and opportunities.
In FY24, there were 10 deals valued at USD 1,070 million, primarily within the Banking and Financial Services sector. This represented a decrease from the previous year, with fewer deals in early FY25. Despite this, notable transactions like Bharti Global’s USD 4 billion acquisition of a 25% stake in British Telecom Group demonstrated the ongoing interest and potential in the market.
Indian firms made four investments worth USD 62 million in FY24, followed by a surge to six deals valued at USD 4,225 million in FY25 Q2. The focus was on Information Technology (IT) and retail, areas where Indian companies have shown increasing interest in expanding their global footprint.
Deal momentum in the India-UK corridor has slowed, particularly for inbound investments, mirroring global trends. Rising interest rates, inflation, and geopolitical uncertainties have dampened activity, with investor caution and valuation gaps hindering closures.
In 2024, UK-to-India inbound investment totalled 10 deals worth USD 1,070 million, primarily due to a second-quarter spike. However, FY25 saw a sharp decline, with only one deal worth USD 5 million in Q1 and none in Q2.
As environmental, social, and governance (ESG) standards become central to global business practices, UK companies in India are at the forefront of this shift. They are increasingly prioritising ESG to meet investor expectations, focusing on reducing carbon emissions and fostering community development.
Major financial institutions like Barclays and HSBC are driving change by investing in responsible banking and community-focused projects. Their initiatives aim to support sustainable business practices, providing capital for projects that align with environmental goals.
Companies such as Vedanta Limited and Hindustan Unilever are setting benchmarks in community engagement, focusing on reducing their carbon footprints and promoting sustainability. These efforts align with India's broader environmental goals, supporting the nation’s journey towards a greener future.
The top revenue-earning subsidiary of a UK company in India is Vedanta Limited followed by Hindustan Unilever Limited and Shell India Markets Private Limited. As of 2024, UK companies in India employ 523,460 individuals, with Vedanta Limited leading as the largest employer.
The business services sector is the fastest growing among UK firms in India, benefiting from India's growing consumer base and favourable government policies that support foreign businesses. Most UK companies operating in India are concentrated in Maharashtra, Delhi NCR, Karnataka, Tamil Nadu, and Haryana, with Maharashtra being the primary hub, housing 36% of these companies due to its strong finance, technology, and manufacturing sectors. Among the 667 UK companies in India, 57% are headquartered in London.
Engaged in trade exhibitions and event hosting, it reported turnover growth of 2,021.4%
Primarily involved in investments for Vodafone Group Plc, with a turnover growth of 1,505.7%
Specialising in IT and IT-enabled services, it recorded a turnover growth of 580.2%.
Delhi NCR, Karnataka and Tamil Nadu. Maharashtra is the most significant hub, hosting over one-third (36%) of the analysed UK companies, thanks to its leadership in finance, technology, and manufacturing.
As the India-UK economic corridor continues to develop, several opportunities and challenges are evident. The UK has the potential to tap into sectors like agriculture, leveraging its expertise in technology and innovation. On the other hand, Indian firms can explore diversification into media, hospitality, and consumer goods in the UK market, offering a new dimension to UK-India trade.
Grant Thornton Bharat, in collaboration with the Confederation of Indian Industry today unveiled its fourth edition of the ‘Britain Meets India 2024’, underlining the latest trends in UK investments in India.