News: India Inc flexing muscles globally

(PTI 02/02/2007) London - In the backdrop of Tata Steel outbidding Brazilian rival CSN in a takeover battle for Corus, Commerce and Industry Minister Kamal Nath said Indian companies now have the potential to tilt scales in global mergers and acquisitions. "From a tentative mindset that questioned our entrepreneurial capability to survive against global competition, Indian businesses and people are embracing globalisation," he said at a seminar on 'Doing Business with India-Achieving Success in a Fast Growing Economy' organized by The Economist. Attributing India's emerging power to the change in domestic mindest, Nath said Indian companies are now establishing a global presence, displaying the muscle to tilt scales in global mergers and acquisitions. "Indian companies seeking to be listed on the New York Stock Exchange do not make headlines any longer. The hunger to be globally benchmarked has spread across sectors and regions," he was quoted as saying by an official statement. While India has begun to invest in the global canvas, the world continues to invest in India, he said, adding that the intrinsic worth of India's strong macro-economic fundamentals are being recognised by international investors. "Foreign Direct Investment inflows this fiscal are expected to touch $12 billion , which is more than double the equity inflow of $5.5 billion last year," he said. Since 1991 up to September 2006, of the $53 billion in FDI (equity and other components), around $18 billion has come in the last two and a half years alone, he added.