News

         MUMBAI FEB 9: INDIAN  firms made $22.6 billion of overseas buys in 2007. not far behind china’s haul. But outbound mergers and acquisitions (M&As) last year aggregated just $1.3 billion, while china spent %42.7 billion.

          india Inc is now scouting for overseas acquisitions but are moving with caution.

           Comparatively unscathed by the global financial crisis, and with prices more attactive now than during the last buying spree, firms such as Reliance Industries, Oil and Natural Gas Corporation (ONGC), Bharti Airtel and Sterlite Industries are scouting for big buys.

            However, the search for new markets and technology may be more cautious even as the recent turbulence has compelled hard-hit foreign firms to shed assets.

            And a return to the heady days when Indian firms splashed out on high-profile, high priced deals for jaguar-Land Rover and Corus Steel is unlikely, at least for now.

             Talks have begun, How many of these turn into transactions is not clear, said an in investment banker.

             Reliance Industries, eyeing bankrupt Luxembourg-based Petrochemicals company, LyondellBasell, in a deal that could be worth $13.5 billion, according to an observer.

              Bharti Airtel recently agreed to buy 70 per cent in Bangladesh’s Warid Telecom for $300 million. Both the companies are still looking for acquisitions.

              Coal mine and oil companies like ONGC are also looking for foreign assets and is in the running for oil projects in Venezuela.

              Essar Oil is holding talks with Royal Dutch Shell to buy three European refineries for about $ 1 billion, The leading power company, NTPC, is evaluating three overseas coal mines-two in Indonesia and one in Mozambique.