Acknowledgements xv
1 Introduction 1
Premises 1
Analytical framework 3
Structure of analysis 5
2 Logic and Dynamics of Firm Growth 7
Theories of firm growth 7
Control and efficiency 10
Global structure for industrial growth and regulation 12
Country-specific characteristics and advantages 17
Rapid changes in regulations 20
Network dynamics of growth 22
3 Globalization: Asymmetry Perpetuation and Growth 27
Introduction 27
General perspectives of globalization 29
Globalization and the role of the state 31
Globalization in a developing country context 33
Globalization in and of India 36
Precursors to globalization 40
Perpetuation of asymmetric positions of firms under LPG 43
Globalization: the struggle between firm and society 47
4 Growth of Indian Multinationals 49
Growth patterns of traditional and emerging multinationals 49
Evolution of Indian business houses 53
National development-oriented growth: 1947–77 55
Precursor to explosive growth: 1977–91 60
Explosive growth phase: 1991–2010 62
5 A.V. Birla Group 92
Introduction 92
Genesis of the Birla group and generations of
diversifications 100
G.D. Birla phenomenon 116
Managerial processes and methods of growth 125
Project execution 128
Leveraging the industrial policy changes since 1991 132
6 Tata Sons 150
Introduction 150
Trusts and development activities of the Tatas 158
Industrial pioneers and building of goodwill 169
Tata Sons shaping industrial policies in India 176
Building the Tata brand 185
Corporate and management restructuring 186
Financial restructuring and resource reallocation 188
Raising capital, resources and capabilities 189
Has growth been at the cost of principles? 198
7 Reliance Industries Limited 206
Introduction 206
Dhirajlal Hirachand Ambani 210
Building manufacturing plant capacity 211
Growth through acquisitions and mergers 223
Growth through international acquisitions 227
Firm–industry–government network 235
Ambani business strategies 2418 Asymmetries and Firm Growth 246
Sources of asymmetries 246
Perpetuation of asymmetries 248
Asymmetric growth factors and sustainability 250
Notes 255
Bibliography 259
Subject Index 266
Author Index 272
Indian Multinationals The Dynamics of Explosive Growth in a Developing Country Context
Amar K.J.R. Nayak