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 on April 18 that highlighted the financial firepower of corporate India.
Market researcher Dealogic revealed that Indian companies spent a record 23.126 billion dollars (17.025 billion euros) in foreign acquisitions last year. That marked an increase of 417 percent compared with 4.469 billion dollars in 2005.
Around 57 percent 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 dollars in what remains the biggest-ever foreign take-over 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 dollars, with 41 purchases agreed.
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.
Comments
Comments are closed.