Word: videocon
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Dates: during 2006-2006
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...shows that Indian companies spent about $6.5 billion on international acquisitions in 2006, almost triple the volume of the previous year. And this new prominence on the international stage is winning plaudits back home. "Lakshmi Mittal has done an extraordinarily good job for us," says Venugopal Dhoot, chairman of Videocon, whose businesses run from consumer electronics such as televisions to oil and gas production. "The world had questions about the ability of Indians running a global company. He's shown them...
...manufacturer Corus, and there have been many smaller deals as well. In February, Hyderabad-based drugmaker Dr. Reddy's acquired German-based rival Betapharm for $572 million. A few months later, construction major Punj Lloyd bought Singapore-based SembCorp Engineers and Constructors for $22.5 million. And now electronics manufacturer Videocon is the lead player in a consortium that has offered more than $700 million to buy Korean electronics giant Daewoo Electronics...
...much faster to buy what you need than spend years building it up yourself. By purchasing Corus, for example, low-cost steel producer Tata Steel hopes to get access to technology to make more sophisticated products, as well as a European client base. By bidding for Daewoo, Videocon seeks a foothold in East Asian markets and an extended global marketing-and-sales network. There are other compelling reasons to go abroad. International exposure may be essential for Indian companies to maintain high sales-growth rates. Because of a host of problems at home, such as pervasive poverty and obsolete, overtaxed...
...INDIAN BUYER: VIDEOCON Consumer-electronics and home-appliance manufacturer COMPANY ACQUIRED: THOMSON (FRANCE) Manufacturer of TVs, color-TV picture tubes PRICE: $291 million DATE: June...
...spree?and increasingly looking abroad. In the past year, the Tata Group has snapped up everything from American telecom firm Tyco Global to venerable British teamaker Tetley. Other Indian companies have bought foreign pharmaceutical firms, auto-parts makers and aluminum suppliers. Last week a consortium led by India's Videocon Industries agreed to buy South Korean appliance maker Daewoo Electronics for $700 million. "Indian companies have become competitive, and they realize that," says Gurcharan Das, former CEO of Procter & Gamble India and author of the best-selling India Unbound. "The level of corporate governance has improved, the capital markets...
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