Indian billionaires buy foreign companies as growth slows at home

Indian companies are accelerating overseas acquisitions, spending over $18bn on foreign deals in 2025, a 34% increase from the previous year [1]. The trend marks a strategic shift as firms seek growth and stability abroad amid a slowing domestic economy. Major deals include Sun Pharmaceuticals' $11.75bn agreement to acquire Organon & Co., Tata Motors' $4.4bn purchase of Iveco, and Coforge's $2.35bn acquisition of AI firm Encora [1]. The Bajaj Group, part of the Indian conglomerate founded in 1926 [5], also bought a 23% stake in Allianz SE, the world's largest insurance company [6][1]. "We could cross $15bn in deal value in just the first half of this year," said Sumeet Abrol of Grant Thornton [1]. Analysts note the motivations differ from the acquisition spree two decades ago, driven now by strategic needs for technology, markets, and easier operational environments [1]. "There is plenty of Indian money heading abroad," said Saurabh Mukherjea of Marcellus Investment Managers, citing factors like cheaper industrial land and simpler access to working capital in places like the US [1]. This outward push coincides with a complex global trade landscape, including an ongoing economic conflict between the US and China marked by escalating tariffs [3]. Indian companies are leveraging stronger balance sheets to build international bases, accessing capabilities that would take years to develop at home [1]. While Asia remains the world's fastest-growing economic region [4], Indian firms are hedging against domestic uncertainties, including weak private investment and currency volatility [1]. The trend is expected to continue, supported by new free trade agreements, though past deals like Tata Steel's purchase of Corus serve as cautionary tales [1].