India Inc targets IT, pharma firms in US

The number of US-bound acquisition deals by India Inc stood at 143 in the last two fiscals with Tata Chemicals, Reliance Communications and Wipro emerging as major acquirers, says a study.

"During the two consecutive financial years 2007-08 and 2008-09, Indian companies made 143 acquisitions across various sectors in the US with 94 such deals being concluded in 2007-08 itself," the study by Ficci-Ernst and Young said.

Among the top five firms which made the acquisitions are Tata Chemicals, Rain Calcining, Wipro, Firstsource Solutions and Reliance Communications which took over US firms either directly or through their overseas subsidiaries over the last two years.

"In fact, the total value of these five deals stands at $2.7 billion," the study said.

The value of 55 deals out of 94 deals which took place in 2007-08 stood at $4.4 billion, it added.

While rest of the 49 US-bound acquisitions were done in 2008-09 with the value of 24 deals totaling $960 million, the study said.

Sectors most active in the acquisitions deals were IT and ITeS, manufacturing and pharmaceutical sectors with largest proportions in the 143 deals, the study said.