N America, Asia key destinations for India Inc's takeover bids

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NEW DELHI, Aug 13 (PTI): North America and Asia have emerged as the most sought-after destinations for India Inc's acquisition bids, with takeover deals in the region touching USD 12 billion in the first four months of fiscal 2008, an Assocham Eco Pulse study said.
India Inc's acquisition deals in North America are valued at USD seven billion while that in Asia totalled USD 4.2 billion, the chamber said.
Indian businesses signed deals worth USD 5.1 billion with US-based companies during April-July 2007, with the Tatas, Essar, Reliance and Infosys leading the brigade.
Tata Group remained at the forefront with total deal values worth 2.13 billion dollars in steel, hospitality and automotives sector, followed by Essar's acquisition of Minnesota Steel for USD 1.65 billion. Reliance Communication expanded footprint in the US communications market by acquiring Yipes for USD 300 million.
"The equation of business relations with western countries is undergoing a significant change. Indian business leaders are aiming inorganic expansion through the most industrialised countries of the world," Assocham President Venugopal Dhoot said.
Among Asian countries, Vietnam, Indonesia, Israel and Singapore saw the maximum number of Indian firms lining up to acquire firms.
While Tata Steel entered into a joint venture with Vietnam Steel for USD 3.5 billion, Tata Power Company acquired 30 per cent stake in PT Kaltim Prima Coal and PT Arutim Indonesia for USD 1.1 billion.
Sun Pharmaceuticals acquired Israel-based Taro Pharmaceuticals for USD 454 million and Golden Ace bought Singapore's RSH Ltd for USD 151 million, the Assocham study said.
Europe was third in line for Indian companies vying for acquisitions, which stood at USD three billion during the four-month period. Indian firms flocked in large numbers to Germany and UK, spending nearly USD 2.7 billion to acquire firms in the two countries.
South American and Africa, however, remained low on the acquisition radar with deals worth USD 6 million and USD 5 million being implemented during the period, it added.