Corporate India Enjoys Record Level Of Foreign Takeovers

April 19, 2007
Indian companies spent a record $23.126 billion in foreign acquisitions last year.

The value of Indian-backed foreign takeovers hit a record in 2006 due to Tata Steel's purchase of Anglo-Dutch steelmaker Corus, according to data published April 18 that highlighted the financial firepower of corporate India. Market researcher Dealogic revealed that Indian companies spent a record $23.126 billion in foreign acquisitions last year. That marked an increase of 417% compared with $4.469 billion in 2005.

Around 57% of the total value of Indian takeovers in 2006 were in the steel and metals sector, according to Dealogic. Tata Steel snapped up Anglo-Dutch steelmaker Corus last year for $13.7 billion in what remains the biggest-ever foreign takeover by a company in the Asian emerging power. The purchase made Tata Steel, the flagship of Indian conglomerate Tata, the world's fifth-largest steelmaker, vaulting it from 56th place after beating Brazilian rival CSN in a bidding contest.

Since the beginning of 2007, the value of Indian-backed acquisitions currently stands at $11.878 billion, with 41 purchases under agreement.

Dealogic added that the number of Indian takeovers of foreign companies jumped last year by more than a fifth to 168, compared with 137 deals in 2005. Around half of the deals last year were in Europe, while just under one quarter were conducted in North America.

Copyright Agence France-Presse, 2007

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