Tatas led the global M&A ambitions of India Inc as the home grown entities acquired companies abroad with a war chest of USD 11.37 billion in the first quarter of 2007-08, an ASSOCHAM Eco Pulse Study (AEP) said.
The foreign firms invested much less USD 2.06 billion in buying out Indian firms during the period.
The Indian firms also stayed ahead of foreign companies in acquiring entities based and operating in the country. As against USD 2.06 billion buy outs by foreign firms in India, the domestic companies made USD 2.63 billion purchases, as per the AEP Study on Mergers and Acquisitions in First Quarter 2007-08.
“It goes to the credit of Indian entrepreneurs for reaching out to the world in a much bigger way than the overseas firms’ desire to acquire business in India,” ASSOCHAM President Venugopal Dhoot said.
The Tata Group carried out buy-outs to the extent of USD 5.35 billion at domestic and international level during first three months of the current financial year. Of this, USD 4.53 billion were spent on global acquisitions, while USD 60 million were used for domestic consolidation activity.
Tata Power took over Indonesia based PT Kaltim Prima Coal and PT Arutim Indonesia for USD 1.1 billion. Indian Hotels Company Ltd acquired Hotel Campton Palace for USD 60 million.
Tata Steel entered into a joint venture with Vietnam Steel for having a 65 per cent stake for USD 2.1 billion.