February 13, 2007
The US$6 billion bid for Novelis Inc. by Hindalco Industries Ltd. of Mumbai, India, is the latest example of a North American or European company targeted by an Indian buyer.
The trend highlights India's emergence as a global economic force. Analysts predict that India's economy will keep charging ahead for at least a decade, surpassing the United Kingdom's by 2015.
Evidence of India's global ambitions has been apparent for those willing to look for it. According to Patricia Koval, who is working for Birla Group on the Novelis deal, Indian companies have been quietly buying up Asian firms for years.
"It just hasn't showed up on our radar screens because we haven't been watching," says Patricia. "For them to be looking at North America for acquisitions now is only logical."