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Mr Chidambaram opened the markets by setting in motion 'The Source’, the London Stock Exchange’s dynamic sculpture positioned in the main atrium of its new building at Paternoster Square. He was joined by Martin Graham, the Exchange’s Director of Market Services and Head of AIM, along with representatives of the Indian High Commission in London.
The market opening highlights the developing commercial and economic links between the UK and India.
The London Stock Exchange has 18 Indian companies listed on its markets with a total market capitalisation of $2.94bn [ Rs. 127.7bn, £1.53bn]. In addition there are 9 Indian companies with Depository Receipts traded on the Exchange. During 2004 two Indian companies, ACC Ltd. and Amtek Motors, successfully raised funds in excess of US$100 million when they issued Depository Receipts on the Exchange.
Martin Graham, said:
“The London Stock Exchange is delighted to welcome Mr Chidambaram and to highlight the strong economic links between the UK and India. There is a high level of international investor demand to share in the success of the Indian economy and London has been a conduit through which international capital has contributed to the growth of Indian companies and its wider economy.”
Martin Graham has recently joined the Board of the Indo-British Partnership (IBP), a private sector organisation supported by the UK’s Trade & Investment Department. IBP’s mandate is to encourage bilateral trade, business and investment between Great Britain and India, and to play an advisory role to UK Trade and Investment in the implementation of its plans for India. The IBP Board is chaired by Karan Bilimoria, CEO of Cobra Beer Limited.
India is one of the Exchange’s three key priority markets for attracting international listings alongside China and Russia.
