Home business grows faster than overseas for India's biggest MNCs

About 15 years ago, leading Indian companies, such as Tata Steel, Tata Motors, Hindalco, Bharti Airtel, and Motherson Sumi, embarked on an ambitious global expansion and this was achieved through multi-billion-dollar acquisitions in North America, Europe, Africa, and Southeast Asia. Most of these acquisitions have proven financially successful, and the global operations of these Indian multinationals now overshadow their domestic business. 

But over the past five years, these companies’ revenues in India have grown at a faster pace than their overseas revenues. As a result, the contribution of Indian business to consolidated revenues has steadily increased.

In FY23, Indian operations