Foreign acquisitions set to cross $600 mn

 Bill for 2003 may climb as more deals are in the offing

 Even as global investors are rushing into India, Indian companies have been on a shopping spree abroad.

 Since January 2003, Indian companies have announced at least 35 global acquisitions worth around $450 million.

 If one adds Tata Motors' plan to buy Daewoo Commercial Vehicle Company in South Korea, the amount committed by Indian companies for overseas acquisitions could touch $600 million.

 The figure is set to go up with many Indian companies eyeing overseas acquisitions or expansion.

 For instance, after marketing lubricants in Nepal, the Indian Oil Corporation is planning to set up retail outlets in Sri Lanka.

 Videsh Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd are tapping Nepal and Mauritius aggressively, while Essar Telecom wants a presence in Lebanon.

 A few smaller outfits are also setting up bases overseas for manufacturing watches and fans.

 Early this week, Tata Motors declared that it had emerged as the preferred bidder for Daewoo Commercial Vehicle Company in South Korea.

 Although the group is tight-lipped about the investment involved, sources close to the development pegged it around $140 million.

 The Reliance group last week announced that it had signed an agreement to buy the US-based Flag Telecom