LSE-listed Indian firms market cap over $40 bn

A score of Indian companies, including State Bank of India, Tata Tea and Ashok Leyland, that are listed in the UK and admitted to the London Stock Exchange (LSE) have a total market capitalisation of over $40 billion, mayor of London, Alderman David Brewer, said while urging the Indian companies to look towards London as an "open and welcoming location to set up a foreign base."

Addressing a seminar on 'The City of London - Your Gateway to Global Business' here on Monday, Brewer said London was a repository of global and international financial expertise and hence would be able to support the continuous development of the Indian companies. The seminar was organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).

Stating that there was a steady growth in bilateral trade and investment between the UK and India, Brewer said the total trade in goods for the period January-October 2005 witnessed an increase of about 25.8 per cent over the corresponding period in 2004. At present, he said, more than 430 Indian companies have a base in the UK. Andhra Pradesh alone accounts for over 30 Indo-UK joint ventures.

Advocating globalisation of economies, he said liberalisation of services would inject competition, spur growth, innovation and greater consumer choice, driving down costs and improving efficiency. "It is a fact that globalisation, more than anything else, tackles poverty."

In this context, Brewer pointed out that "there are issues with some elements in India who are fearful of globalisation, who would be happy with a little India with barriers to trade and professional services."

He, however, emphasised that experience of the Chinese, Koreans, Vietnamese, Singaporeans, Indonesians and even the Chileans had proved "that cannot be the way forward".

Former chairman of Ficci- Andhra Pradesh, Narender Surana, welcomed the gathering.