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India Inc prefer North America and Asia most in its Global Acquisition Chase


North America and Asia were the favorite hunting grounds of India Inc on global acquisition chase as the takeovers deals in these region touched whopping $7 billion and $4.2 billion within the first four months of financial year 2007-08, according to ASSOCHAM Eco Pulse Study (AEP).

United States of America remained the most sought after destination for the Indian companies pursuing their global dreams. The acquisition deals with the US-based companies worth $5.1 billion were accomplished during the period April-July 2007 as tracked by the AEP in Study on Mergers & Acquisitions during April-July 2007-08.

Tatas, Essar, Reliance and Infosys were among the biggest acquirers in the US. Tata Group remained at forefront with their total deal values worth $2.13 billion in steel, hospitality and automotives sector, revealed the Chamber Study. Essar Group acquired Minnesota Steel for $1.65 billion in the US. Reliance Communication expanded to US communications market by acquiring Yipes for $300 million while Infosys plans to acquire Phillips Global for $200 million. Another big acquisition was that of Globeleq by D S Construction for $542 million.

MOST FAVORED DESTINATIONS OF INDIA INC

In Canada Essar Global acquired Algoma Steel for $1.58 billion and Aditya Birla announced take over of Utkal Alumina International for $0.19 billion.

Among the Asian countries, Vietnam was the largest receiver of the deal money as Tata Steel entered into a joint venture with Vietnam Steel with 65 per cent stake for $3.5 billion. Indonesia, Israel and Singapore are the other places where Indian companies made their acquisitions.

REGIONAL PREFERNCES OF INDIAN INDUSTRY

In Indonesia, Tata Power Company acquired 30 per cent stake in PT Kaltim Prima Coal and PT Arutim Indonesia for $1.1 billion. Sun Pharmaceuticals acquired Israel based Taro Pharmaceuticals for $454 million. Golden Ace acquired RSH Ltd in Singapore for $151 million.

Europe was the third favored station by the India Inc on global consolidation tour after North America and Asia. As the takeover deals in the region touched $3 billion during the four-month period, Germany and United Kingdom received maximum of funds shed by the Indian companies. While Indian acquisitions of German companies were worth $1.52 billion, money to the tune of $1.2 billion was spent in UK.

The largest acquisition in Germany during the period tracked by AEP was that of Repower Systems by Suzlon Energy for $1.3 billion. United Breweries acquired Whyte & Mackay for $1.16 billion in UK.

The Indian companies made their presence felt in Italy and Spain with $97 million and $19 million takeover deals. South American and African region remained low on the acquisition radar with $6 million and $5 million deals completed during the period noted Assocham study.


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