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Tuesday, 20 November, 2001, 12:56 GMT
London woos Indian tech companies
India is home to several successful software companies
India is home to several successful software companies
The London Stock Exchange is trying to persuade Indian technology and healthcare companies to list in the UK.

A high profile delegation, including chief executive Clara Furse, is meeting companies in Delhi and Bombay this week.

Some observers fear that the Exchange - on which 19 Indian companies are listed - has missed its chance as the slowing economy could deter companies from listing internationally.

The LSE's hope is that it can woo technology companies for its TechMark index and healthcare companies for its new TechMark Mediscience index.

Ms Furse argues that more Indian companies have already chosen to list in London than on "Nasdaq and NYSE [the New York Stock Exchange] combined."

Infosys headquarters
Indian technology bellwether Infosys is listed on Nasdaq

However, exchange officials are clearly defensive as Caroline Goodman, head of international business development at the LSE told reporters: "We are here to clear the misperception that the LSE is losing out to American exchanges such as the New York Stock Exchange or Nasdaq."

The exchange plans to allow Indian companies to list its products for retail investors in London as well as its products for international institutional investors.

Attraction India

India and Japan are the first overseas countries where TechMark - launched two years ago in the UK - and TechMark Mediscience have been launched.

"It [India] is a country whose future success is dependent on technological innovation. It is well known for technology and it has some very good examples of fine technology companies," Tim Ward, head of issuer services at the London Stock Exchange, told the BBC's World Business Report.

"London is very much a trading market. It is one where there is a very good understanding of international companies. London is a very open economy and we believe that we can offer a very liquid market for Indian companies," he added.

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Tim Ward, London Stock Exchange
"We can offer a very liquid market for Indian companies."
See also:

07 Nov 01 | Business
India software exports slow down
19 Oct 01 | Business
Indian tech firms defy global gloom
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