The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Shopping spree signals global ambitions

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. The list goes on: Bharat Forge signed a memorandum of undertaking on November 21 to buy Carl Dan Peddinghaus (CDP) of Germany for about $30 million; Sundaram Fasteners acquired Dana Spicer in Europe; and petrochemicals company Reliance has made a $211 million bid for Flag Telecom. In addition, two Indian IT companies announced smaller acquisitions last month: I Flex will buy US company SuperSolutions for $11.5

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree