UK and Indian firms sign £9bn in commercial deals to create 1,900 jobs

With Indian Prime Minister Narendra Modi visiting the UK this week, the government revealed today (November 13) that over £9bn in commercial deals have been agreed between firms in the UK and India to create or safeguard 1,900 jobs.

The deals span a number of sectors, including finance, healthcare, energy and insurance services.

Merlin Entertainments, which operates the Alton Towers resort in Staffordshire and Madame Tussauds attractions across the UK, will launch its first entertainment venture in India, a Madame Tussauds in New Delhi. Furthermore, the company plans to invest up to £50m in the next 10 years to bring more of its brands to the sub-continent.

Elsewhere, Indian SME lender Indiabulls has invested £66m into OakNorth Bank, a Manchester and London-based firm that provides funding for entrepreneurs and small business owners.

British telecoms giant Vodafone, meanwhile, has announced a number of plans to invest in £1.3bn in India, including £800m to upgrade and expand its network coverage in the country and a further £300m in its facilities in Ahmedabad and Pune to create 6,000 jobs.

Prime Minister David Cameron said of the agreements: “As the largest G20 investor in India, British businesses already support nearly 700k jobs in India and India invests more in the UK than in the rest of the EU combined creating almost 8000 new jobs here last year.”

“During this visit, British and Indian companies are announcing new collaborations, together worth more than £9bn pounds.”

India’s GDP is forecast to grow by 7.3% this year, making it the world’s fastest growing large economy.