Chennai, Dec 11 (Inditop.com) One North East, a London-based development agency, is wooing Indian companies to set up operations in the “cost-effective” northeastern region of England.
The agency has identified areas such as electric vehicles, IT, healthcare and film production to expand its cooperation with overseas investors, including India, its senior officials say.
“Indian electric vehicle companies can set up operations not only for research and development but also for vehicle manufacturing for global markets,” Patrick Kendell, investment and aftercare senior specialist advisor of the agency, told Inditop.
Kendell, along with other officials from the region, had come here to promote inward investments. They met businessmen in Mumbai, Vapi in Gujarat, Bangalore, Thiruvananthapuram and Chennai.
Kendell said the agency was planning to invest 30 million pounds ($49 million) to develop the electric vehicles sector in the northeastern region.
Japanese car maker Nissan Motor recently unveiled plans to set up its lithium-ion battery plant in northeast England.
One North East has also urged Indian production houses to shoot their movies and television serials in the region. It has set up a one-million-pound ($1.6-million) movie content fund to attract prospective production houses to the region to shoot films.
Two Hindi movies — “Kaun Bola” and “Phhir” — have also been shot in northeast England.
Ben Fisher, another investment and aftercare adviser to the agency, expressed the hope that Indian investment in the region would double in the next three years.
“The cumulative Indian investments during the past three years is around 100 million pounds. Going by the trend, we hope to double this over the next three years,” Fisher told Inditop.
He added that one Indian business process outsourcing (BPO) company had decided to set up a centre in northeast England.
Fisher, however, declined to reveal the company’s name.
Added Kendell: “In terms of infrastructure, the region is connected by two international airports, three deep sea ports and power is not an issue. Around 10,000 graduates come out of the five universities in this region.”
“Compared to other regions in England, the northeast will be cost effective in terms of overall cost of operations.”
Ananth Seshan, chief executive of Indian software product firm Fifth Generation, shared the same view. “In terms of operational costs, the region is around 15 percent cost-effective compared to others in England,” Seshan told IANS.
Fifth Generation, which develops business intelligence tools, set up its British operations in October this year to target the European markets.
On a business grant offered by the agency to investors, Seshan said: “We may get a grant of 200,000 pounds ($330,000) over a three-year period depending on milestones relating to investments and job creation.”
In the past the region has attracted 16 Indian companies such as Sundram Fasteners, Tech Mahindra, Piramal Healthcare, Shasun Pharma Solutions, Fifth Generation Technologies and AEI Cables.
