When L N Mittal, the undisputed king of the global steel industry, launched the hostile bid to takeover Arcelor, it raised fears among corporates and political circles in the western world about the impending attack from the emerging economies, especially, China and India. As more and more Indian firms go on the prowl for overseas assets, the protectionist's worst fears might be coming true.

Indian firms are truly becoming global and if the trend continues, we will have a host of homegrown MNCs operating around the world. While the advent of the global economy and the associated paraphernalia of liberalization, survival appears to be the chosen mantra. The year 2006 has marked some of the most remarkable deals in the history of Indian M&As. These deals have not been confined to just one or two sectors; rather they are well-entrenched across all sectors including steel, cement, pharmaceuticals, automobiles and ancillaries, telecom and IT. And going by some of the high-profile deals of India Inc., the coming days are going to see increased activity.

Today, it is true that domestic firms in emerging economies including India are stuck in the most compelling scenario of either to perform or perish. So, size does really matter in today's business. Companies aim at growing bigger and better. Secondly, companies, by means of oversubscribed IPOs, easy finance from foreign countries and booming domestic markets happen to have a reserve on their balance sheet, which prompts them to invest and buy wisely. In short, organizations look forward to make hay while the global economy is shining bright. M&As also have a lot to say about filling in the possible gaps in the value chain.

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