For proud Indians, nothing—except perhaps victory for their national cricket team-is as sweet as the sight of Indian companies marauding acquisitively across the globe. And marauding they are. So far this year Indian firms have announced 34 foreign takeovers worth more than $10.7 billion in all, according to Dea-logic, a market-research outfit. Last year's total was $23 billion, more than five times the previous record and more than the investments made by foreigners in Indian companies. For local industrialists, among the proudest Indians, the buying binge indicates a renaissance, and not only in business. "There's a new India emerging," says Kumar Mangalam Birla, chairman of the Aditya Birla Group, a big conglomerate. "This shows the new-found respect that India commands in the global arena."
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