Think offers subsidised office space

Come December, Indian companies looking for a footprint in Britain can acquire office space in London at a significantly subsidised cost, thanks to a foreign direct investment agency.

Think London, the foreign direct investment agency, is launching a novel incubation service for Indian companies which hitherto could not think of a base there due to high investment cost.

"In December, we are launching a new service to offer subsidised office space to Indian companies in West London, half-way between Heathrow and the financial district," Michael Charlton, chief executive, Think London said on the sidelines of CII's India-London conference.

While declining to share the actual subsidy portion and the criteria for Indian companies, Charlton said the cost will be negligible initially, followed by a subsidised cost. Finally, the company would pay the full cost of the space.

Broadly, the agency intends to offer the service to companies with a sound business place and track record.

"We will have a balance scorecard which we would apply to every company contacting us," he said.

Think London has tied up with an unamed private real estate developer to offer the service.

For almost a year now, a similar service is being offered to Chinese companies.

India is second only to the US in terms of investment in London. In 2006-07, 19 companies set up base in London creating over 600 jobs and gross value addition of 73 million pounds.