Indian companies are stepping up their overseas expansion as some of the country’s biggest business groups look for growth, technology, and stronger global supply chains beyond the domestic market.
The trend gained fresh attention in late April, when Sun Pharmaceuticals agreed to buy New York-listed Organon & Co for $11.75 billion. The deal, centred on women’s health and biosimilars, became the largest foreign acquisition by an Indian company in nearly two decades.
It also followed a series of major international moves by Indian firms. Tata Motors has agreed to acquire Turin-based vehicle maker Iveco for $4.4 billion, while IT company Coforge moved to buy Silicon Valley artificial intelligence firm Encora for $2.35 billion. The Bajaj Group also bought a 23% stake in global insurance company Allianz SE earlier in 2025.
Grant Thornton data showed that 162 Indian companies spent more than $18 billion on outbound acquisitions in 2025, up 34% from the previous year.
“We could cross $15 billion in deal value in just the first half of this year,” Sumeet Abrol, partner and national leader at Grant Thornton, told the BBC.
The latest buying spree has echoes of the early 2000s, when Indian conglomerates pursued global assets such as Jaguar Land Rover and Corus Steel. Analysts, however, say the current wave is less about prestige and more about strategic necessity.
Companies are looking overseas for established brands, advanced technology, research capability, manufacturing bases, and access to customers in mature markets. The shift also comes as India faces weaker foreign investment flows, slower private-sector capital spending, and uneven domestic demand.
“Corporate profits [of India’s top 500 companies post-Covid] grew at 30.8% per annum. But still, our overall capital formation rates from the private sector have been disappointing,” India’s chief economic advisor V Anantha Nageswaran recently said at a policy conference.
Some analysts say Indian firms are also seeking more predictable operating conditions abroad, particularly as global tariffs, supply-chain risks, and geopolitical tensions reshape corporate decision-making.
Overseas acquisitions still carry risks. Tata Steel’s Corus deal later became a heavy financial burden, and large cash-funded transactions can strain balance sheets if performance disappoints.
Even so, experts expect the trend to continue as Indian firms hedge against uncertainty at home while building stronger positions in Western markets. Abrol said the near-term outlook remains affected by a “geopolitical air pocket,” but the broader direction appears clear. Indian companies are increasingly looking abroad for resilience, capability, and long-term growth.