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In one of the largest international triumphs by Corporate India,
Tata Steel acquired Anglo-Dutch steel giant Corus in a US$ 12.15
billion deal.
For Indian corporates, buyout opportunities are set to improve as
they can tap into a wider investor base and raise cheaper funds to
acquire overseas firms. This has been brought about by global rating
agency S&P raising India's foreign debt rating to BBB- with a
stable outlook, after a gap of 16 years.
Even as India's foreign debt rating improved, the gross domestic
product is believed to be growing at a much faster rate than was
expected. The Government has revised its estimates for economic
growth from 8.4 to 9 per cent. The revision of figures has been
triggered by a revision in agriculture growth numbers from 3.9 per
cent to 6 per cent.
These tidings augur well for India. They have added an extra
sheen to India's growth story. For, the revision in rating and the
growth figures will now encourage a large number of investors to
take an India exposure.
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