Indian companies are increasingly targeting the UK, claims Clearwater Corporate Finance.

It says it is working with several leading Indian companies looking to make acquisitions in sectors including automotive, engineering design, IT, pharmaceutical, consumer products and chemicals. Companies on the hunt for deals include pharmaceutical concern Ranbaxy Labs and Anand Group.

Clearwater, which has offices in Birmingham, London, Manchester and Nottingham, is on the case following a visit to New Delhi last month - organised by the International Network of M&A Partners - where Indian businesses presented their acquisition strategies.

Clearwater Birmingham partner Andy Moore said: "The UK is a prime target for Indian businesses and we will now be approaching potential target companies."

Other Indian firms looking to make UK acquisitions include the textiles group Sanjay Dalmia, consumer products focused Godrej which recently acquired Keyline Brands in the UK, United Phosphorous, an agrochemicals business, and Mahindra & Mahindra, which owns Stokes Forgings locally plus operations in Walsall, Dudley and Brierley Hill.

Delegates also visited an Indian automotive show.

Peter Church, managing director of Indian IMAP member Asean Focus Group, said: "We have been following the Asian economies for a few decades. Asia holds immense potential for the kind of deals that IMAP focuses on. India stands out in particular - it's a deal-making country, is hungry to globalise and follows accounting and business practices in line with international standards."

Recent deals involving Western hemisphere and Indian businesses include the £80 million acquisition by Indian tea manufacturer Apeejay Surrendra group of Typhoo Tea from UK-based Premier Foods; the purchase of UK software consultancy Citisoft by Satyam Computer Services, the Indian IT solutions and software developer; and the acquisition of Anglo-American equity research company Irevna by Crisil, the Indian credit rating services business.

And Coventry is in pole position to land a new research centre for Indian industrial giant Tata with the eventual prospect of up to 3,500 jobs.

The longstanding relation-ship between Tata and the city's Warwick Manufacturing Group have placed it in a strong position. The Tata Group - headquartered in Mumbai - is expected to announce its intention to open a European technical centre soon. ..SUPL: