A snapshot of cross-border deals struck

A snapshot of cross-border deals struck

Indian companies, from major conglomerates to small and medium sized enterprises (SMEs), made their mark in every part of the world through the course of this year. Here is a very brief look at just some of the key deals of 2015.

SBI strikes UAE bank partnership

Emirates NBD, a leading UAE bank, announced a partnership deal this November with State Bank of India (SBI) to help Non-Resident Indian (NRI) customers in the Gulf to carrying out their remittances instantly and more conveniently. With this partner bank network expansion by Emirates, the aim is to provide a 60-second remittance platform for the bank's DirectRemit service. Emirates already has existing tie-ups with HDFC Bank, ICICI Bank and Axis Bank in India.

Tata clinches Make in India Boeing JV

US aerospace major Boeing, which has been interested in setting up a manufacturing base in India, signed a framework agreement with Tata Advanced Systems (TASL) to collaborate in aerospace and defence manufacturing and potential integrated systems development opportunities in November this year. The new joint venture will initially create a manufacturing centre of excellence to produce aerostructures for the AH-64 Apache helicopter and to compete for additional manufacturing work packages across Boeing platforms, both commercial and defence.

IKEA gets set for India 2020

As part of its strategy to double sales by 2020, Swedish furniture retail giant IKEA has chosen India as a priority market. This year IKEA signed MoUs with the Indian government to set up stores in Uttar Pradesh and New Delhi and set up a business centre in Hyderabad with an investment of over $2 billion. IKEA's philanthropic arm, IKEA Foundation, in October this year, committed $18 million in partnership with United Nations Development programme to provide employment and entrepreneurship opportunities to one million underprivileged women across India.

Reliance Group spreads its wings

The Reliance Group spread its wings far and wide across the globe this year as part of its expansion strategy. From Reliance Brands entering into a joint venture with Italian premium apparel and denim brand GAS to run its exclusive outlets in August to signing an MoU with UAE's Abu Dhabi Ship Building to construct naval ships under Make in India. Reliance Industries led GenNext Innovation Hub also stepped up its work on creating an ecosystem to build high-value start-ups in India, with an investment up to $5 million in September.

Snapdeal strikes Silicon Valley deal

India's popular online marketplace Snapdeal announced its acquisition of Silicon Valley based Reduce Data in September this year. The focus was to use Reduce Data to provide a better chance to its sellers in retargeting their customers with a personal touch. In August, the firm had raised $500 million and invested in various start-ups with the sole purpose of better seller connectivity with the buyers, Reduce Data being one of them. The other investments included $36 million in the Gurgaon-based hyperlocal grocery service PepperTap and $20 million in GoJavas, to further enhance its supply chain and logistics.

Foxconn drawn to Solar and Make in India

Taiwanese firm Foxconn, the world's largest contract manufacturer of electronics goods, pledged major investments in Solar India and Make in India. In June this year, the firm invested around $20 billion in Indian Solar Power projects. Foxconn committed another $2 billion to establish manufacturing plants in India over the next five years. It is also planning to set up one or more data centres and other units over the next 10 years. With this, Foxconn became the latest addition to a string of foreign companies eyeing India as a manufacturing hub for its iPhone, iPad and other Apple products.

Infosys brings Finacle to US banks

Indian software major Infosys announced plans to bring its flagship Finacle product to service US banks' Verizon cloud platforms in July this year. Finacle's SaaS offering will empower financial institutions to deliver a multi-channel experience to customers, without much capital infusion and greater flexibility, the company said. US-based Verizon Communications operates the country's wireless network with 109 million retail connections nationwide. Its enterprise solutions arm helps clients improve performance and manage risk using multiple platforms over its secure mobility, cloud computing, and networking.

India strikes in Tanzania natural gas pact

India offered its expertise to Tanzania in the development of its potentially rich natural gas sector as part of eight agreements to expand engagement between the two countries across various sectors in June. Prime Minister Narendra Modi held talks with Tanzanian President Jakaya Mrisho Kikwete in India during which both countries also decided to establish a Joint Working Group to strengthen cooperation in the field counterterrorism. Among some of the memoranda of understanding (MoUs) signed included a loan agreement between Exim Bank and the Tanzanian government on a line of credit for $268.35 million for the extension of a pipeline project and cooperation in the field of hydrology, tourism and agriculture.

Related Stories

No stories found.


No stories found.

Defence bulletin

No stories found.

The power of the quad

No stories found.


No stories found.

Women Leaders

No stories found.
India Global Business