India in Germany generated 11.4 bn euro revenue |
Around 80 Indian companies in Germany generated combined revenues of 11.4 billion euro (around Rs 87,506 crore) and employed a total workforce of 27,400 in 2016, according to a study. The CII–EY–Bertelsman Foundation Study, based on interviews with leading Indian CEOs, revealed that Indian companies in Germany currently generate nearly 70 per cent of their turnover in the labour-intensive sectors of metals (40 per cent) and automotives (29 per cent). Important players in these sectors are Tata Steel, Hindalco industries and Sona Autocomp. The Indian IT industry accounts for a revenue share of nine per cent ,said CII citing the study`s findings. The study pointed out that 83 per cent German Mittelstand (small and medium-sized) companies do not have a succession plan in place at present. As of 2015, more than 40 per cent of company owners in this economic strata were aged 55 or older. The study highlighted that this represents huge potential for Indian investors. According to the study, since 2010, nearly 140 major investment projects by Indian companies have been initiated in Germany. This includes FDI announcements as well as M&A. Between 2010 and 2016, Germany was the second-largest recipient of Indian FDI in Europe with 96 projects.
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