2007: India Inc mints money, grows in size

Written by Agencies | New Delhi, December 31: | Updated: Dec 31 2007, 17:39pm hrs
India Inc's managers have always had the enterprise, they found the sure shot way to make billions this year and with the billions came the clash of egos - as large as their larger-than-life persona.

Ambani vs Ambani, Tata vs Birla, Ambani vs Mittal, the fights came in all permutations and combinations, making 2007 arguably the most happening as well as a tumultuous period for the Indian industry that stamped its authority overseas with about 250 acquisitions worth over 32 billion dollars.

The Tatas acquired Anglo-Dutch steel giant Corus, Essar walked away with Canada's Algoma, Birla's conquered mining giant Novelis, Mallya took a swig of Scottish whisky major Whyte & Mackay.

The global expansion too was not void of fights be it between an Indian and foreign entity or among the domestic giants such as Tatas and Mahindras, who are still slugging it out for acquiring US auto giant Ford's British brands Land Rover and Jaguar.

The resurgence of Indian industry comes on the back of uncanny skill shown by the corporate world to make money, possibly faster than others in the world. The size of Indian bourses, one of the fastest growing markets, more than doubled since January 2007 with market capitalisation of all the listed entities booming to over 1.7 trillion dollars from just over 800 billion dollars.

This, coupled with a huge domestic market, which the global players perceived as under-tapped, prompted an increasing flow of foreign direct investment (estimated at 15 billion dollars), global equity and debt funds as also a greater number of MNCs charting out India strategy.