Cross-border acquisitions by Indian multinationals: Asset exploitation or asset augmentation?

Peter J. Buckley, Surender Munjal*, Peter Enderwick, Nicolas Forsans

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


This paper examines cross-border acquisitions by Indian multinationals and places them in the context of Emerging Country Multinationals. It tests hypotheses based on internalisation theory and the resource based view to ask if these firms are asset exploiting or asset augmenting in their takeover behaviour. Internal financial and technological resources are found to be important explanatory variables, as is asset seeking; of brands, technology and market access. The home environment in India allows firms to amass profits, to manage in a culturally diverse setting and to develop asset bundling skills. All these factors are significant in determining cross-border acquisitions.

Original languageEnglish
Pages (from-to)986-996
Number of pages11
JournalInternational Business Review
Issue number4
Early online date6 Nov 2015
Publication statusPublished - 1 Aug 2016


  • Asset augmentation
  • Asset seeking foreign direct investment
  • Cross-border acquisitions
  • Firm specific assets
  • India
  • Multinationals from emerging countries


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