Financial Daily from THE HINDU group of publications
Monday, Jul 04, 2005
Financial Daily from THE HINDU group of publications Monday, Jul 04, 2005 |
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Corporate
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Mergers & Acquisitions `Acquisitions: Indian cos outperform foreign firms' Our Bureau
New Delhi , July 3 INDIAN companies acquired 26 overseas firms while foreign corporates laid their hands only on 20 Indian firms in the first quarter of 2005-06, according to the Assocham Eco Pulse Study. There were 110 M&A deals across sectors like FMCG, pharmaceuticals, metal, food and beverages, banking, financial services and insurance, media, engineering, and IT & ITES, among others. "The quarter ended June 2005 saw some major deals: The Chatterjee group acquired Basell NV for $5.7 billion, Matrix Laboratories acquired controlling stake in the Belgium-based Docpharma, one of the largest ever acquisitions done by any Indian pharmaceutical company," said Mr Mahendra K. Sanghi, President of Assocham, while releasing the study. "The number of foreign company acquisitions done by Indian corporates stood at 26 deals in just three months against 38 deals in the whole of 2004." The study cited the most recent acquisitions: the Videocon group's acquisition of the colour picture-tube manufacturing business of Thomson for Rs 1,280 crore; UCAL Fuels' acquisition of the US-based Amtec Precision Products for $28 million, Godrej Global Solutions' acquisition of Outsource Offshore Inc of the US, and the Aditya Vikram Birla group's control in a Canada-based pulp plant. In the IT sector, seven acquisition deals were done by Indian companies including i-flex acquiring Castek Software, Goldstone Technology acquiring Stay Top Inc, and Helios acquiring vMoksha. The sectoral break-up of the acquisitions, according to the study, reveals that the IT and ITES sector accounted for 21 per cent of the M&A deals, followed by banking, financial services and insurance (15 per cent). Pharmaceutical and healthcare together struck 14 per cent of the deals in the quarter under review. Other sectors, including textiles, petrochemicals, cement and packaging, and communication, accounted for 17 per cent. Mr Sanghi said, "Indian firms are truly becoming global and if the trend continues, we will have a host of home-grown MNCs operating all over the world."
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