"The UK Trade and Investment Business Awards 2006 is the first award by any government worldwide recognising India's global business influence and success," British High Commissioner Michael Arthur told PTI in New Delhi.
This event is unique as it is for the first time that awards would be given by a foreign government to Indian firms, he said, adding this was also the first time that Britain has instituted such awards for any country in the world.
The awards would recognise business excellence, two-way investments, entrepreneurial talent, innovation, UK-India partnerships, new business models, first time market entrants and individual achievements.
There are about 500 Indian companies in UK, Arthur said, adding there has been an increase of over 25 per cent from a year ago.
About 65-70 per cent of the companies belong to IT and biotech sectors, he added. The awards would be presented in seven categories, he said.
This includes 'Investor of the Year' award for successful Indian companies in UK; 'Business Partnership' award and 'Innovation Award' for a UK company, which has launched a new product or service in India.
Other segments include a 'New Market Entrant' award for UK companies, 'Businessperson and Entrepreneur of the Year' and 'UKTI Special Recognition Award'.
Arthur said the UK Trade and Investment, the overseas commercial arm of the UK government, was in the process of inviting nominations and appointing a jury of 6-7 eminent people from India and Britain for selection of award winners.
Barclays Bank, London Stock Exchange, BMI Airlines, Grant Thornton and Taj Hotels Group were the partners for these awards, he said.
These awards would strengthen relationships between India and UK. It will also highlight the potential of Britain as the ideal global business partner and location for investments, especially in knowledge based sectors such as information technology and biotech, he said.
As Indian companies go global, they must use UK as an investment hub for expanding in Europe, he said while also pitching for greater investments from British companies into India.