Indian companies surfs new horizons on M&A spree

Indian companies surfs new horizons on M&A spree

By SiliconIndia   |   Tuesday, 20 November 2007, 08:00 Hrs
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New Delhi: Indian companies is eyeing not only on U.S. and UK for merger and acquisition, but they are finding its way to newer offshore horizons like Scotland, Canada and Singapore.

According to data compiled by global consultancy firm Grant Thornton, the volume of M&A deals by Indian companies in countries like Brazil, Scotland, Netherlands and Canada is greater than that in the UK.

To date, this year the value of the nine deals in the UK clinched by Indian firms stands at $58.50 million, while Indian companies acquired four companies in Canada for a total of $166.70 million, one deal in Scotland for $80 million and another in Brazil for over $33 million.

This year, Indian companies have also sprawled to bang six deals worth $154.88 million and in the Netherlands with three deals for $28 million.

However, the US remained favourite for Indian companies this year with 35 deals worth $1,586.38 million in the January-October period this year.

Hero Group acquired Scotland-based Telecom Service Centres for $80 million, Subex Azure had acquired Canadian Syndesis Ltd for $164.50 million and Teledata Infomatics had made a deal worth $45 million with Singapore-based Soltius Pte.

The largest proportion of outbound deals was made in North America which approximately accounts to 83 percent of all outbound deals.

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