Thursday, 27 February 2014

"Standard Life could quit India"

From the BBC:

Standard Life is putting in place contingency plans to relocate its call centres back to the UK if Indian people vote for independence and if material uncertainties about money and regulation are not sorted to its satisfaction.

In its annual report, published on Thursday, the chairman of the Edinburgh-based pensions and savings firm, Gerry Grimstone, says India has been a great base for outsourcing some of the company's administrative functions but that, "if anything were to threaten this, we will take whatever action we consider necessary - including transferring parts of our operations out of India again - in order to ensure continuity and to protect the interests of our stakeholders".

According to Standard Life's chief executive, David Nish, the company - which has had call centres and IT functions in India for 19 years - has "started work to establish additional registered companies to operate outside India, into which we could transfer parts of our operations if necessary".

"This is a precautionary measure to ensure continuity of our businesses' competitive position and to protect the interests of our stakeholders."

Standard Life is the first business with a significant Indian presence to warn that maintaining it may be untenable in the event of a vote for independence.

"What? India has been independent since 1947? Why did nobody tell me? Oh God! Do they still use sterling at least?"


Demetrius said...

If you look at it closely, what we like to call "British India" was to a great extent "Scottish India". Helped along by a few Ascendancy Scots Irish.

Mark Wadsworth said...

D, too true. Hence the Indians' fondness for porridge and haggis and why their national sports are caber tossing and football instead of cricket.