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Trends and Patterns of Overseas Acquisitions by Indian Multinationals


  • Pradhan, Jaya Prakash


This study deals with the recent phenomena of rising overseas acquisitions undertaken by Indian multinationals. It studies the trends, patterns and locational determinants of Indian overseas acquisitions. Hitherto largely preoccupied with greenfield OFDI since the early 1960s, this study shows that Indian multinationals have increasingly started adopting acquisition as a global growth strategy to serve a variety of their firm‐specific objectives like accessing new markets, foreign strategic assets, and trade‐supporting infrastructure. As part of the locational analysis, a set of factors such as host country market, skill endowment and import intensity from India, came out to be important cross‐country pull factors for Indian overseas acquisitions.

Suggested Citation

  • Pradhan, Jaya Prakash, 2007. "Trends and Patterns of Overseas Acquisitions by Indian Multinationals," MPRA Paper 12404, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:12404

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    References listed on IDEAS

    1. Jaya Prakash Pradhan, "undated". "Growth of Indian Multinationals in the World Economy: Implications for Development," Working Papers 0704, Institute for Studies in Industrial Development (ISID).
    2. Kogut, Bruce & Chang, Sea Jin, 1991. "Technological Capabilities and Japanese Foreign Direct Investment in the United States," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 401-413, August.
    3. Blonigen, Bruce A, 1997. "Firm-Specific Assets and the Link between Exchange Rates and Foreign Direct Investment," American Economic Review, American Economic Association, vol. 87(3), pages 447-465, June.
    4. Cantwell, John & Janne, Odile, 1999. "Technological globalisation and innovative centres: the role of corporate technological leadership and locational hierarchy1," Research Policy, Elsevier, vol. 28(2-3), pages 119-144, March.
    5. Peter J Buckley & L Jeremy Clegg & Adam R Cross & Xin Liu & Hinrich Voss & Ping Zheng, 2007. "The determinants of Chinese outward foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(4), pages 499-518, July.
    6. Pradhan, Jaya Prakash, 2005. "Outward Foreign Direct Investment from India: Recent Trends and Patterns," MPRA Paper 12358, University Library of Munich, Germany.
    7. Wilbur Chung & Juan Alcácer, 2002. "Knowledge Seeking and Location Choice of Foreign Direct Investment in the United States," Management Science, INFORMS, vol. 48(12), pages 1534-1554, December.
    8. Jamuna Agarwal, 1980. "Determinants of foreign direct investment: A survey," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 116(4), pages 739-773, December.
    9. Nunnenkamp, Peter, 2002. "Determinants of FDI in developing countries: has globalization changed the rules of the game?," Kiel Working Papers 1122, Kiel Institute for the World Economy (IfW).
    10. Pradhan, Jaya Prakash & Abraham, Vinoj, 2004. "Overseas Mergers and Acquisitions by Indian Enterprises: Patterns and Motivations," MPRA Paper 17076, University Library of Munich, Germany.
    11. Jaya Prakash Pradhan & Abhinav Alakshendra, "undated". "Overseas Acquisition Versus Greenfield Foreign Investment: Which Internationalization Strategy is better for Indian Pharmaceutical Enterprises?," Working Papers 0607, Institute for Studies in Industrial Development (ISID).
    12. John H Dunning, 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(1), pages 1-31, March.
    13. Chakrabarti, Avik, 2001. "The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions," Kyklos, Wiley Blackwell, vol. 54(1), pages 89-113.
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    Cited by:

    1. Kayam, Saime Suna & Hisarciklilar, Mehtap, 2009. "Determinants of Turkish FDI abroad," MPRA Paper 17813, University Library of Munich, Germany.
    2. Pradhan, Jaya Prakash, 2008. "Indian Direct Investment in Developing Countries: Emerging Trends and Development Impacts," MPRA Paper 12323, University Library of Munich, Germany.
    3. repec:spr:manint:v:55:y:2015:i:2:d:10.1007_s11575-015-0242-y is not listed on IDEAS
    4. Christian Milelli & Françoise Hay, 2008. "Chinese and Indian firms’ entry into Europe: characteristics, impacts and policy implications," EconomiX Working Papers 2008-35, University of Paris Nanterre, EconomiX.
    5. De Beule, Filip & Duanmu, Jing-Lin, 2012. "Locational determinants of internationalization: A firm-level analysis of Chinese and Indian acquisitions," European Management Journal, Elsevier, vol. 30(3), pages 264-277.
    6. Beena Saraswathy, 2010. "Cross-Border Mergers and Acquisations in India: Extent, Nature and Structure.July 2010," Working Papers id:3096, eSocialSciences.
    7. Nair, Smitha R. & Demirbag, Mehmet & Mellahi, Kamel, 2016. "Reverse knowledge transfer in emerging market multinationals: The Indian context," International Business Review, Elsevier, vol. 25(1), pages 152-164.

    More about this item


    Mergers and acquisitions; multinationals;

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance


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