At a time when Mahindras are in the race for Landrover and Jaguar and pharmaceutical majors like Dr Reddy''s Laboratories and Ranbaxy are targeting buyouts in Europe Union Finance Minister has encouraging words for them.The Mahindras, the Birlas, the L&Ts, the Reddys, all of you award winners today, must go out and buy businesses the world over, said Union Finance Minister P Chidambaram at NDTV Profit annual Business Leadership Awards.
Chidambaram also promised India Inc of cheaper funding and government backing on acquisitions going beyond the 9 per cent growth of GDP.Citing the example of Tata Corus deal Finance Minister said scale is only possible by inorganic growth. We must look to beyond 9 per cent. And how do we do that? We do that by building global businesses, Chidambaram said.If any of you thinks that he can build a global business through the organic way, I am sorry to disappoint you-you are wrong, he added.
According to ICICI''s Global Investment Outlook report, the total equity deals struck by Indian companies have crossed $50 billion in 2007 while in the same timeframe last year the equity deals stood at $13.5 billion.Finance Minister has certainly given India''s business barons both big and small plenty of food for thought. And it is also likely that we now see a fresh impetus to possible global takeover deals by corporate India.
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