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The geography of global outward foreign direct investment is changing as
firms from such emerging markets as India, China, Russia, and Brazil are
increasingly venturing abroad. Indian multinational enterprises contribute
to the growing importance of emerging markets’ outward foreign direct
investment. Many Indian firms, which were hitherto national players,
have become international players in recent years by increasingly investing
abroad.
The present volume is intended to provide new perspectives on the rise of
Indian multinational enterprises. The Vale Columbia Center on Sustainable
International Investment and the Institute for Studies in Industrial
Development, both having considerable expertise and research interests
in the a reas o f foreign d irect investment and public policy, have d rawn
together leading experts working on issues related to Indian foreign direct
investment to shed light on this development.
All contributions by the authors have been peer-reviewed. We are
grateful to the experts—Christian Milelli, Emin Akcaoglu, Glauco Arbix,
Jean-François Huchet, Ling Liu, Peter Gammeltof, and Ravi Ramamurti—
for providing their useful views and suggestions during the review process.
The assistance of Wouter Schmit Jongbloed in editing this volume is greatly
appreciated, as is the help of Lisa Sachs and Zehra Gulay Kavame in
bringing this volume to fruition.
New York City and Ahmedabad, March 2010
Karl P. Sauvant
Jaya Prakash Pradhan
Ayesha Chatterjee
Brian Harle
Acknowledgments xxvii
1 Introduction: The Rise of Indian Multinational
Enterprises: Revisiting Key Issues 1
Jaya Prakash Pradhan and Karl P. Sauvant
Introduction 1
A. Origin and Growth: A Brief History 4
B. Why Do Indian Firms Go it Alone Now? 9
C. Why Do Indian Firms Acquire Overseas Companies? 12
D. What Explains the Distinct Regional Specialization of
Indian Firms? 13
E. Why do Knowledge-based Industries Dominate Indian
Outward Foreign Direct Investment? 14
F. This Volume and Its Contribution 15
1. Analytical Perspectives on the Rise of Indian MNEs 15
2. Industry Analysis of Indian Outward FDI 17
3. Regional Studies on Indian MNEs 18
Conclusions 19
Notes 20
References 21
2 In Search of the “Indianness” of Indian Multinational
Enterprises: Is There Anything Special about the Indian
Path to Outward Foreign Direct Investment? 25
Michael W. Hansen
Introduction 25
A. The Rise of Indian Multinational Enterprises 26
B. Explaining the Indian OFDI Path 30
1. The Investment Development Path Theory 31
2. The Latecomer Theory 34
a. Main Propositions of the Latecomer Theory 35
b. Relevance to India 37
3. The “India Inc.” Country-Specific Theory 39
a. Country-Specific Explanations for OFDI 40
b. Relevance to India 40
C. Summary and Discussion 43
1. The Speed and Direction of FDI 43
2. The Role of Home Country Context in Shaping
Ownership Advantages 44
3. Motives for Investment 45
4. Assessment of Theory 45
Conclusions 48
Notes 48
References 51
3 Political Factors Behind the Rise of Indian
Multinational Enterprises: An Essay in Political Economy 57
Jørgen Dige Pedersen
Introduction 57
A. The Debate on Foreign Direct Investment and
Multinational Enterprises 58
1. Conventional MNE Theory 58
2. The Political Economy Perspective 60
B. The Rise of Indian Multinational Enterprises: The Role
of Home Country Government Activities 63
1. Creating a Supportive Environment and
Institutional Facilities 64
2. Shaping the Domestic Development of
Ownership Advantages 65
3. Direct Regulation 66
4. Direct Participation in OFDI 68
5. Summing Up: The Role of the State in the Outward
Investment Process 69
C. A Theoretical Reinterpretation 70
Conclusions 73
Notes 73
References 75
4 When a Great Industry Globalizes: Indian Conglomerates
Pioneering New Trends in Industrial Globalization 79
Joël Ruet
Introduction: Not Just Followers; Indian Multinationals
are Changing the Global Business ModelSurvey of Indian Subsidiaries in Germany 237
1. Characteristics of Respondents 238
2. Activities in Germany 239
3. Characteristics of the Parent MNE 239
4. Size and Modes of Investment 241
5. Investment Motives 241
6. Realization of Investment Objectives 242
7. Criteria of Location Selection 243
8. Job Shifts 244
9. Indian Expatriates 245
10. Technology Transfer 245
11. Investment and Operational Challenges in Germany 246
12. Performance of Indian Subsidiaries in Germany 247
13. Planned Investments 247
14. Summary of Survey Results 248
Conclusions 249
Notes 250
References 251
9 The Surge in Indian Outbound Foreign Direct Investment to
Africa: A New Form of South-South Cooperation? 255
Parthapratim Pal
Introduction 255
A. Indian Investment in Africa 256
B. Why Chinese and Indian MNEs Are Investing in
African Host Countries 261
C. The Benefit to Africa 267
Conclusions 270
Notes 271
References 272
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