Major Gloucestershire employer Renishaw has taken part in a trade mission in India with Business Secretary Vince Cable.
The Wotton-under-Edge based engineering and science technology group visited Bangalore last week as part of the trip, which has involved UK deals with the Indian manufacturing sector.
Ben Taylor, Renishaw's assistant chief executive, said it was proving to be a fruitful trip. "Despite the sometimes challenging economic climate in India, having invested for the longer term we believe that we are now well placed to benefit from a more positive business environment," he said.
Rhydian Pountney, Renishaw's general manager in the company's rest-of-the-world sales division, co-chaired the Advanced Manufacturing Group of the India-UK Joint Economic and Trade Committee (JETCO) in New Delhi on Monday. He said: "Renishaw is a highly successful UK exporter of high technology products for the engineering sector with its own sales and manufacturing operations in India."
The meeting was part of a wider JETCO programme that involves Dr Cable, the Indian Minister for Commerce and Industry Anand Sharma and a trade delegation of UK businesses. Dr Cable also signed a new £180million repayment guarantee deal to support Indian company Reliance Industries Limited to place up to 30 service and equipment contracts with UK companies for their Jamnagar and Dahej oil refineries.
He said: "British businesses like Renishaw are doing good business in India providing an inspirational example to the army of small and medium-sized UK firms who could also do well in this market.
"Trade with India is up nearly 20 per cent this year building towards our shared goal of doubling two way business by 2015." As well as the Advanced Manufacturing Group, there were JETCO joint working groups discussing education and skills development and innovation. All groups are to give feedback to a plenary session attended by Dr Cable and Anand Sharma, with Mr Pountney reporting on discussions from the AMG.
The company established a representative office in Bangalore in 1993, converted this to a trading subsidiary, which it fully owns, in 2000 and today has offices in five cities, plus resident sales engineers in other key areas. It also has an 80,000 sq ft building in Pune to house customer demonstration and training facilities, a large software development team and a manufacturing operation.
The India-UK JETCO was established in 2005 to further develop a strategic economic relationship following the Joint Declaration 'India-UK towards a new and dynamic partnership' in 2004. It was also conceived as a mechanism to develop business led vehicles to enhance bilateral trade and investment through business relationships.
Last week's trade trip also included visits to Coimbatore and Chennai - both fast growing regional cities with considerable growth potential for UK companies. Exports to Brazil, India, China, Russia and South Africa, the so-called BRICS, rose from £12.7 billion in 2007 to £27.1 billion last year, according to the Office for National Statistics.