Word: indianizing
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...Delhi also helped clear the way for the recent buying spree. Last year, the government doubled the cap on how much Indian companies can annually invest abroad to 200% of a company's net worth. Thanks to the boom at home?India's GDP growth has averaged 8% a year over the past three years?many companies are financially stronger than ever before. Net profits are up nearly 40% this year, according to a recent report from Motilal Oswal Securities, which surveyed 127 publicly traded companies from various sectors. Besides having deep pockets, many Indian companies have been around...
...That's certainly the logic behind many of the recent deals. "[Economic] liberalization made Indian companies a lot more competitive globally, especially when it comes to price," says Ranjit Pandit, a director at consultancy firm McKinsey & Company in Bombay. "The two things missing were customer access and certain advanced technologies." It's much faster to buy what you need than spend years building it up yourself. By purchasing Corus, for example, low-cost steel producer Tata Steel hopes to get access to technology to make more sophisticated products, as well as a European client base. By bidding for Daewoo, Videocon...
...deals over the same period. And last week, a Brazilian steel group?Companhia Sider?rgica Nacional?challenged Tata Steel's bid for Corus by making a preliminary $8.5 billion offer, 4.4% more than Tata's buyout proposal. Says Rajat Gupta, former global managing director of McKinsey & Company and the first Indian-born CEO of a large U.S. multinational: "It's a gathering trend, but to say that we are somehow uniquely terrific at globalizing, I don't think the evidence supports that. There is no track record yet of Indian companies...
...Still, Indian businessmen are proving to be unusually adept in the international arena. It helps that millions of them already speak English, the global language of commerce. India is also a free-market democracy with a legal system that, though frustratingly slow, is easy for Westerners to understand. The country has longstanding cultural and trade ties with the rest of the world, which adds "a comfort factor" to its business dealings overseas, says Andrew Cahn, chief executive of UK Trade & Investment, a government body that supports foreign companies looking to invest in Britain. To be sure, Indian companies occasionally...
...because individual managers and entrepreneurs from the subcontinent are familiar faces overseas. Driven in the past by lack of opportunity at home, India's best and brightest have long studied and worked in the U.S. and Europe. America's high-tech sector in particular has an unusual concentration of Indian workers. Some 13% of all private, venture-backed start-up companies in the U.S. are founded by Indian immigrants, according to a study released this month by the National Venture Capital Association. Many of Silicon Valley's high-tech leaders are of Indian origin, among them Prabhakar Raghavan, 45, head...