Rupee rally can boost overseas M&As: India Inc

While the rupee's sharp rally is hurting exporters, it is opening up attractive overseas acquisition opportunities for big corporate houses like Mahindra & Mahinda (M&M) and Godrej.

"Rising rupee is a good time to go and acquire companies abroad," Godrej group chairman Adi Godrej said at the India Economic Summit today.

"We are looking at emerging markets like Latin America, South Africa and China," Godrej said, adding the acquisition would be in the range of $500 million.

"With the rupee appreciating, you are going to be able to acquire companies," Biocon chairman Kiran Mazumdar Shaw said. Biocon is looking to buy companies in the US, Europe and emerging markets, and this could happen by the end of this fiscal, she added.

Anand Mahindra, vice chairman, M&M, also said that the company was planning to acquire companies in overseas markets as the rupee's rise against the dollar had cut down the cost of overseas acquisitions.