India-UK Partnership to Back Green Firms Investing in the UK

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The UK and India are set to launch a global Green Grids Initiative (GGI) at the COP26 climate conference in November, which will be hosted by the UK in Glasgow, Scotland. A new renewable energy partnership between the two countries is expected to open doors to Indian green energy businesses wishing to establish offices in Britain.

Last month, as a prelude to the conference, the UK and Indian partnership was showcased at a meeting of the Energy Transition Council, which is made up of 19 countries. The virtual meeting heard how India and the UK are committed to working together on the GGI, which aims to bring together a global coalition of governments, financiers, experts and power system operators, to accelerate the construction of the new infrastructure needed for a world powered by clean energy.

The ‘India Meets Britain Tracker 2021’, collated annually by Grant Thornton and the Confederation of Indian Industry (CII) to weigh up the contribution of Indian businesses to the UK economy, found that the number of Indian companies operating in the country grew from 842 in the 2020 tracker to 850 and these firms employed 116,046 people, an increase from 110,793 on the previous year. This growth took place despite the challenges created by Brexit and the pandemic in 2020.

The total turnover of these companies added up to GBP 50.8 billion, up from GBP 41.2 billion and 47 per cent have at least one woman on their board, compared with 20 per cent in last year’s analysis. Birlasoft Solutions topped the list of the fastest-growing companies this year, recording 158 per cent revenue growth. On the other hand, Diligenta, owned by Tata Sons, was the largest company listed, with revenue of GBP 388 million and an impressive growth rate of 62 per cent.

Immigration specialist Yash Dubal, Director of London-based AY & J Solicitors, says that the new India-UK partnership, combined with a new UK immigration system designed to attract global tech, engineering, science and IT expertise to Britain, provides an ideal opportunity for any renewable energy businesses in India looking to open an office in the UK. Indian businesses can take advantage of the Sole Representative Visa, which allows representatives of qualifying overseas businesses to live in the UK while establishing a subsidiary office.

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Mr Dubal explained: “The GGI partnership is another example of the closer economic and business ties between India and the UK, which is eager to have a full trade deal with India. This climate of collaboration, together with the impetus towards renewable energy investment that will be a theme at COP26, provides a perfect environment for Indian renewable energy pioneers wishing to expand internationally.

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“The new UK immigration regime which was enacted after Britain left the European Union is particularly geared to attract investors, businesses and individuals with specialisms in engineering, science, IT and tech and the Sole Representative Visa provide a perfect route into the UK market.”

COP26 President-Designate, and Co-Chair of the Energy Transition Council, Alok Sharma, said: “Through our partnership with India, a country with huge commitments to renewable energy, we will work with international partners to rapidly scale up smart green grids to trade renewable electricity.

“In the build-up to COP26, I want countries to show real ambition on clean energy transition and to harness the power of international collaboration to make this happen.”

India has set itself an ambitious target of having 175 GW of renewable energy by 2022, and USD 70 billion has been invested in renewable energy across the country in the past seven years. Globally, the country was ranked fifth in wind power, fifth in solar power and fourth in renewable power installed capacity, as of 2019.

The 2021 United Nations Climate Change Conference, also known as COP26, is the 26th United Nations Climate Change conference. It is scheduled to be held in the city of Glasgow from 31 October to 12 November 2021 under the presidency of the United Kingdom.