The new Brexit deal hugely profits the UK based Indian companies.
The landmark Trade and Cooperation Agreement (TCA) signed between the United Kingdom and European Union constituting 27 members on Thursday was happily accepted by the Indian business firms based in the United Kingdom.
UK-based Indian companies carrying out business outside of the United Kingdom into the European Union stand to benefit positively from the new Brexit deal that lets them continue to flourish in the EU markets at zero customs duty as well as without imposed quotas.
There are around 850 Indian companies with combined revenue of £41.2 billion ($56.1 billion) based in the United Kingdom. These companies include sectors like pharma, automobiles, steel, and engineering.
The zero customs duty deal is especially beneficial to Tata Motors, whose product Jaguar Land Rover would have otherwise faced a 10% duty from January.
One among the many Indian firms who are launching huge projects in the UK include Mahindra-owned design firm Pininfarina, which is partnering with British Volt to build the United Kingdom’s first large scale battery giga-plant.