The Confederation of Indian Industry has said the Tata Steel-Corus deal is a sign of a confident India Inc and reflects the consolidation of the Indian industry in the global economy.
LONDON: The Confederation of Indian Industry has said the Tata Steel-Corus deal is a sign of a confident India Inc and reflects the consolidation of the Indian industry in the global economy.
CII President R Seshasayee said the deal is a sign of India Inc being recognized as a very significant global economic player. The "internationalization" of the Indian corporate sector has reached a new high with this landmark deal, he said.
Sunil Kant Munjal, past president, CII, said the deal signified -- Indian companies, especially larger corporates, are pursuing global aspirations, groups like Tatas are showing leadership in many fields and the Indian steel industry seems to have come of age, having been at the beginning of consolidation last year.
"This is a precursor of what we can expect over three to four years, he said.
Rajive Kaul, past president, CII and chairman, CII International Council, said the deal was reflective of the consolidation of the Indian industry in the global economy.
CII chief mentor Tarun Das said this is the first scaling up of an Indian company to global scales. The deal "is a result of a dialogue between Tata Steel and Corus, the whole strategy is a reflection of the Tata philosophy of working with partners, with values and ethics. It is a different role model of acquisition and it is unique."
Echoing the sentiments, DS Brar, Chairman, CII Indian MNCs Council, said, "There is tremendous growth potential for Indian MNCs. Change in domestic environment has encouraged and propelled Indian companies to go global."
He said the Indian corporate sector had witnessed active overseas investment in diverse sectors since 2005-06, with top 10 overseas investments totaling $4556 million. It is in keeping with this trend, said Brar, that CII and Infosys have launched the plan to create 100 Indian MNCs. The initiative will provide an "ecosystem" for entrepreneurs and Indian companies to accelerate growth as successful next generation billion dollar MNCs.
The CII-Infosys initiative will include sharing of practical experiences of successful Indian MNCs mentoring, introducing global best practices, involve knowledge partners and nurture aspiring MNCs.
CII and Infosys have received an overwhelming response to the programme and companies like ICICI Bank have shown interest in partnering with them.
There are 37 companies in India with a turnover of over $1 billion. The programme aims to explore the potential of leveraging their experience. The successful companies will help mentor the aspiring 100 Indian MNCs.
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