Not long ago, any claim that Indian manufacturers could make acquisitions abroad would have been dismissed as wishful thinking. Cheap IT services and software development might some day make India a global player in the services industry but it had clearly missed the opportunity in manufacturing.
In recent months, though, India Inc has embarked on a shopping spree overseas and, surprisingly, the shoppers are top Indian companies that include a truck maker, a metals company, a pharmaceuticals company and an auto component manufacturer.
Tata Motors, India’s biggest truck manufacturer, is buying Daewoo’s truck business in Korea for $125 million; pharmaceuticals company Ranbaxy will pay about $60 million for the generics business of French company RPG Aventis; and metals manufacturer Hindalco, part of the Birla group, has acquired Mount Gordon Copper Mines in Australia.
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