Indian cos forge new global empires

By agencies   |   Friday, 28 April 2006, 07:00 Hrs
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HANOVER: With India as a partner nation at this weekÂ’s Hanover Trade fair, the worldÂ’s biggest industrial and technology show has served to underscore the drive by Indian companies to forge global business empires and their newfound confidence.

IndiaÂ’s breathless national economic expansion, combined with signs of increasing competition in its domestic market has helped to power the new global ambitions of the countryÂ’s corporate sector.

From almost nothing at the time when India embarked on its economic reforms, more than 14 years ago, the nation's leading companies are now reporting double-digit growth in their new worldwide business realms, which have been shaped by both acquisitions and foreign orders.

Mohan Murti, chief representatives of Europe of Reliance Industries said "We do not want to confine ourselves to India." Speaking at the Hanover fair, Murti said, "We now want to explore other countries and to produce where the customers are. We are looking at Europe, Asia as well as Central and Eastern Europe."

Indian energy and waste management group Thermax Ltd. is also targeting Europe, Southeast Asia as well as the Middle East as its global ambitions take shape.

"We have a product of international standard and we are interested in international contracts," said Vishal Gajwani of Thermax marketing and business development.

However, India's dramatic economic transformation also means that the nation's companies are facing growing competition on their own home turf.

Apart from economic growth rates topping eight percent and far-reaching economic reforms also helping to transform Indian companies and broaden their horizons, there has also been the boom in their stock prices.

More to the point, the skyrocketing share prices would also seem to indicate investor support for the corporate global aspirations.

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