10 years of Lehman crisis: India Inc's global foray has been a mixed bag

After losing billions of dollars over a decade, Tata Steel announced last year that it would merge its European operations with Germany's Thyssenkrupp

In 2006, just two years before the Lehman crisis had hit the global financial markets, two top Indian business houses — Tata and Aditya Birla — made headlines by acquiring large companies abroad. The acquisition of Novelis by Birla’s Hindalco for $6 billion and the buyout of Corus Steel by Tata Steel for $12.3 billion gave massive confidence boost to India Inc. 

The global economic boom and cheap equity capital thanks to stock markets at stratospheric levels before the Lehman crisis put global companies on the radar of Indian business leaders. 

But the global financial crisis came as a black swan event,