February 04: The lensman`s view

A labourer works on the sign of a bank building in the western Indian city of Ahmedabad

As Indian companies farm out across the globe chasing business where they can through a slew of M&As and joint ventures, stodgy Indian banks are spreading following suit, as much to retain clients as to chase profits.

Deal volume in India surged three-fold to $67.2 billion in 2010 from $21.3 billion in 2009, according to Thomson Reuters data, including Bharti Airtel's $9 billion buy of the African operations of Kuwait's Zain.

Overseas acquisitions accounted for nearly half of the Indian M&A volume in 2010, the biggest year for outbound deals from Asia's third-largest economy.

(Pictures by Reuters)