Around 80 Indian companies in Germany employing a total workforce of 27,400 generated combined revenues of Euro 11.4 billion in 2016, the Confederation of Indian Industry (CII) said on Sunday citing its joint study conducted on the matter.Based on interviews with leading Indian chief executives, the study, done by the Bertelsmann Foundation, Ernst & Young (EY) and CII, showed that, since 2010, nearly 140 major investment projects by Indian companies have been initiated in Germany. "This includes FDI (foreign direct investment) announcements as well as M&As (merger and acquisitions)," a CII release said here. Major players in these sectors are Tata Steel Hindalco industries and Sona Autocomp. "The Indian IT industry accounts for a revenue share of nine percent," CII said.Access to innovation and technology are important factors that influence the decision to invest in Germany, according to 80 per cent of the CEOs surveyed.This is borne out by the M&A activity over the past six years, CII Director General Chandrajit Banerjee said in the statement. "In fact, one-fifth of the acquisitions made by Indians were found to be in the automotive supplier sector and one-third in the mechanical engineering sector," he said.

Source: Economic Times December 03, 2017 12:45 UTC