UK tops destination for Indian acquisition: Thornton
While UK tops the list in terms of deal value, US is No. 1 targeted nation in terms of number of cos acquired by Indian entities. Day in Pics| Successful biz formula
By PTI |
LONDON: Britain has emerged as India Inc's top destination for overseas acquisitions in terms of deal value which stood at 1.52 billion pounds in the first six months of 2008, a study has said.
While UK tops the list in terms of deal value, the US is the No 1 targeted nation in terms of number of companies acquired by Indian entities, according to a report released by financial and business adviser Grant Thornton today.
The sale of Jaguar and Land Rover to Tata Motors helped boost the total value of Indian acquisitions to 1.52 billion pounds in the first half of the year. While the total value of M&As with the US companies was 930 million pound the same with the Netherlands companies was 561 million pound.
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Around 41 American companies were purchased by Indian companies in the first half of 2008, compared to 20 UK firms.
Besides JLR acquisition, the other significant overseas deal was Religare Capital Markets's acquisition of broking firm Hichens Harrison & Co Plc for 50 million pound.
"The ongoing interest in UK companies by the Indian business community is a combination of historical ties, strong cross-border business links and infrastructure, a very compatible business ethos and the fact that many UK firms' values have fallen," Grant Thornton's South Asia Group head Anuj Chande said.
There has been a whopping growth in the number of Indian companies acquiring businesses abroad as they are now now flush with cash after a period of rapid economic growth.
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