Professor Raveendra Chittoor and Deepak Jena present the results of a 2013 ranking survey of India’s most internationalised companies based on the Transnationality Index (TNI), conducted jointly by the ISB and Fundação Dom Cabral (FDC), Brazil. This year’s expanded list of top Indian transnational corporations (TNCs) provides new and valuable insights into the geographic spread and drivers of internationalisation.
The past decade has marked the rapid emergence of a number of firms from developing countries as significant players in global markets. The 2012 Fortune Global 500 list features 112 developing economy companies, an increase of about six times since 2000. While this list is dominated by Chinese firms, Indian and Brazilian companies ranked joint second (eight companies each) among emerging economies after China (73). Despite the remarkable rise of transnational corporations (TNCs) from India over the past decade, there was, until last year, no systematic attempt to rank Indian TNCs using any globally accepted measure. The Indian School of Business, in collaboration with Fundação Dom Cabral (FDC), a leading business school in Brazil, published, for the first time in 2012, a ranking of India’s most internationalised companies. This ranking, based on a globally accepted and widely used measure known as the Transnationality Index (TNI), allowed for a proper comparison of Indian TNCs with each other and with other global players.
In this article, we describe the highlights of the current year’s (2013) ranking survey, which improves upon last year’s in at least three ways. First, we have expanded participation by including several other companies in our list. Second, we gained insights into the nature of these companies’ internationalisation by noting their geographical spread. Third, through this survey, we improved our understanding of one of the key drivers of Indian companies’ internationalisation process, namely cross-border acquisitions.