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‘Indian companies deferring investment decisions’

business Updated: Jun 22, 2016 21:46 IST
Prasun Sonwalkar
Prasun Sonwalkar
Hindustan Times

Indian businessmen are postponing their investment decisions in the UK pending the referendum

Indian companies currently based in Britain and others considering expanding to Britain and Europe have put on hold their decisions given the uncertainty around Thursday’s referendum, a senior legislator here told HT.

Conservative MP Alok Sharma, who has the role of ‘Prime Minister’s Infrastructure Envoy for India’, said Indian companies had informed him of deferring some decisions in view of the referendum. He is closely involved in the delivery of multi-billion pound deals announced during the November last visit of prime Minister Narendra Modi to London.

He said: “Their overwhelming view is that a vote for the UK to leave the EU will be bad for British businesses, jobs and investment.”

India is the third largest investor in Britain, where over 800 Indian are based and operate in the European market.

Sharme added: “Indian companies have informed me that some decisions on future investments into the UK have been deferred until the outcome of the referendum is known and, if we vote to leave the EU, there is a big risk that Indian companies will think twice before investing in the UK.”

Sharma, who has been coordinating campaign group ‘British Indians for IN’, said the group had the support of over 80 British Indian business leaders including prominent entrepreneurs such as Karan Bilimoria, Uday Dholakia, Kartar Lalvani, Diljit Rana and Rami Ranger.