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Indian tycoons hit dead end abroad
By agencies
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Thursday, 01 June 2006, 19:30 IST
NEW DELHI: The common phenomenon between Vijay Mallaya, Ratan Tata and Lakshmi Mittal besides the fact that they are all Indian-born entrepreneurs looking to dominate global business is all of them are the victims of economic patriotism on foreign soil.
It came as no surprise when Mallaya's United Breweries announced that it was opting out of the race to acquire French champagne maker Taittinger after resistance from local groups to his bid.
Mittal and Tata have already been there, done that. While opposition to Mittal's bid to acquire Luxembourg based rival Arcelor is something that legends are made of, Tata too is hearing voices of discord to its $2 billion investment proposal in neighboring Bangladesh.
Energy experts in Bangladesh, while speaking at a seminar on Investment Proposal of Tata and the National Interest: A Review, in Dhaka University, went to the extent of saying that Tata would not have dared to put forward such an investment proposal if Dhaka had a government that was accountable and transparent.
While denying any "anti-India" sentiments, the lobby opposing the investment said that Tata has made this proposal only because it would not get gas at a cheaper price anywhere else in the world.
The industry experts said earlier this month at a roundtable conference of the National Committee for Protecting Oil-Gas-Mineral Resources and Electricity-Port that the investment deals with the Indian conglomerate would be 'suicidal' for Bangladesh.