Sheffield firms given grants to boost Indian export market
Five Sheffield companies have been selected in a scheme to help build better trading relationships with export markets in India.
The India Growth Champions Scheme provides participants with £5,000 worth of support to help build partnerships and gain experience in working with Indian companies and organisations.
The five firms selected are:
• Maher – an engineering and manufacturing business supplying high strength alloys to the oil and gas, aerospace, marine, metals, defence, power generation and other industries.
• King Kraft – a manufacturer of specialist equipment for people with disabilities, including bathing, changing, hoisting, toileting, wet rooms, washing, cushions and supports.
• Magnomatics – A company that designs and provides magnetic gear technology into the aerospace, renewable energy, marine propulsion, industrial motors and rail industries.
• Lomas Engineering – A specialist manufacturer of cutting tools to the aerospace industry and its maintenance sector.
• Zoo Digital – A digital media company that uses cloud technology to securely localise and distribute movies and TV shows. The company works with Hollywood studios, global broadcasters, online retailers and distributors.
Experts predict that India will be the third largest economy in the world by 2030.
In 2015, the Sheffield City Region exported £81m worth of goods to India – making it the region’s 12th largest trading partner.
In 2017, the Sheffield City Region introduced the strategy: ‘Make in India, Design and Develop with the Sheffield City Region’.
Since then, the relationship between the Sheffield City Region and India has grown and developed and has been able to open up greater trading opportunities.
The latest announcement is the second wave of support grants to boost Indian exports following firms in Doncaster, Rotherham and a further three in Sheffield.
Sir Nigel Knowles, international advisor to South Yorkshire metro mayor Dan Jarvis, said: “We are excited to welcome these five businesses onto the India Growth Champions scheme.
“As the most rapidly expanding of all G20 countries, India offers huge potential in the digitisation of advanced manufacturing and shares many industrial synergies with our region.
“We are confident that with the support offered through the scheme, our team of experts can guide our champions and help them to open up new opportunities in India.”