A recent study by Virtus Global Partners (April 2011) based on US bound Indian investments has confirmed that internal accruals were the major financing option used by Indian companies in 2010. 6 It also found that half of Indian acquisitions in the US in 2009 and 2010 were buyouts of distressed assets, whose parent companies were severely impacted by the global crisis.
Seizing these opportunities in overseas markets, many acquisition/investment deals (e.g. S Kumar - Hartmax, Cadila’s - Novavax, Piramal - RxElite, and 3i - NRLB, etc.) were struck by Indian companies during 2009.