The Hindu Business Line : M&As: Indian cos spent more than foreign firms in Q1

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M&As: Indian cos spent more than foreign firms in Q1

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New Delhi, Aug 2 While Indian companies acquired companies abroad with a war chest of $11.37 billion, foreign firms invested only $2.06 billion in buying out Indian firms in the first quarter of the current fiscal, according to Associated Chambers of Commerce and Industry of India.

Even on the domestic turf, the Indian firms stayed ahead of foreign companies in acquiring entities based and operating in India. As against the M&A worth $2.06 billion by the foreign firms in India, the Indian domestic acquisitions were worth $2.63 billion, the chamber said.

The US was the most favoured destination for the Indian global hunters. Total deals amounting to $3 billion were snapped up by Indian corporates in their quest for market expansion, integration with subsidiaries, and consolidation of market position.

Acquisitions worth $1.58 billion were made in Canada, making the North American region the most sought after by Indian businesses. Asia Pacific was the second most preferred territory, with acquisitions valued at $3.8 billion in the first quarter. The steel sector was the most dominant in terms of stake sales as Indian companies finalised global deals worth $3.862 billion in the first quarter, according to the chamber.