India Inc in acquisition mode in Europe
India Inc has launched a major offensive to increase its global presence with a significant number of corporate houses making takeover bids for British and European companies ranging from Scottish whisky makers to Welsh Steel mills and North sea oilmen.
Between January and September this year, Indian firms spent more than USD7 billion acquiring 112 foreign companies.
Last year the equivalent figure was USD4.5 billion, which indicates the speed with which corporate India is globalising.
According to a report in The Sunday Times today, Mukesh Ambani, head of Reliance group and India’s most influential businessman, is leading the charge. The company was planning to acquire an oil drilling and engineering firm to expand his growing exploration and production business in Africa, South America, the Middle East and India, he said.
Reliance is building the world’s biggest refinery in Gujarat, and is emerging as a global player in the oil business. Ambani believes British companies working in the North Sea will become increasingly vulnerable to takeover bids as reserves dwindle.
"We’re looking at buying companies in North Sea oil, in Scotland. As years go by North Sea (reserves) are depleting, but there’s a lot of talent there and this industry is short of talent," he said.
Ambani said "We will look at acquisitions to acquire talent to use in this part of the world and in West Africa and some countries like Columbia. We now have to get experienced talent in Europe to go and find oil in the more frontier areas. PTI
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