FIVE MORE SOUTH YORKSHIRE BUSINESSES SUCCESSFUL IN INDIA GROWTH CHAMPIONS SCHEME
We’re delighted to announce five more successful companies in our second phase of the India Growth Champions Scheme, in association with the UKIBC (UK India Business Council). The Champions are:
- Maher – an engineering and manufacturing business supplying high strength alloys to the oil & gas, aerospace, marine, metals, defence, power generation and other industries.
- King Kraft – a manufacturer of specialist equipment for people with disabilities, including bathing, changing, hoisting, toileting, wet rooms, washing, cushions and supports.
- Magnomatics – A company that designs and provides magnetic gear technology into the aerospace, renewable energy, marine propulsion, industrial motors and rail industries.
- Lomas Engineering – A specialist manufacturer of cutting tools to the aerospace industry and its maintenance sector.
- Zoo Digital – A digital media company that uses cloud technology to securely localise and distribute movies and TV show. The company works with Hollywood studios, global broadcasters, online retailers and distributors.
These local SME businesses proved that they had the right credentials and were fully committed to developing new business opportunities in India.
The Champions will each receive the equivalent of £5,000 worth of support, which includes:
- 10 days of dedicated support over the coming months.
- Support with the development of an India business plan which will include company-specific market research and competitor analysis, alongside workshops and business mentoring.
The scheme will culminate in a five-day trade mission to India in 2021, during which each business is guaranteed 5 partner/client meetings.
They join five other South Yorkshire companies which were successful on the first phase of the India Growth Champions Scheme and are already underway with the programme, working alongside business experts specialising in the India market.
The first phase Champions were:
- Sheffield based-Robson Handling Technologies, a leader in handling technologies for the aviation industry.
- Rotherham-based Macalloy, a renowned designer and manufacturer of Post Tensioning Bars, Tie Rods and Cable Systems.
- Donasonic, based in Doncaster, which provides cutting edge design, technology, manufacture and installation of a full range of recycling solutions for waste material.
- Vulcan Engineering, based in Sheffield, which is at the forefront of engine building with a specialism in Ford products manufactures and suppliers of world-class Mechanical and Encapsulated Seals.
- Kryptic Media, with business operations based in Sheffield, a specialist in innovative applications for the creative, entertainment and music sector.
Why is India such an important market for Sheffield City Region businesses?
Experts predict that India will be the third biggest economy in the world by 2030 and it is expected to grow at an average of 5.9% per annum until 2050, making it the most rapidly expanding of all G20 countries. In 2015, the Sheffield City Region exported £81m worth of goods to India – making it the region’s 12th largest trading partner.
India represents a compelling commercial proposition to the Sheffield City Region, which, in turn, has much to offer India. There are natural synergies between the SCR’s strengths in advanced manufacturing and digitisation and what India needs to achieve by leveraging its highly skilled workforce.
Indian businesses are increasingly going global. They have sufficient liquidity and looking to strengthen their technological capabilities and industrial process optimisation techniques by collaborating with global partners. This makes India an important source of inward investment and a high potential export market.
The nature of India’s economy and the country’s demographics are what make it so attractive for South Yorkshire businesses.
India is a nation of talented people and has evolved as a knowledge-based economy. There are natural synergies between the SCR’s strengths in advanced manufacturing and digitisation and what India needs to achieve.
India is also an important source of inward investment and a high potential export market.