Indian companies' dream of turning truly global by going on an unprecedented acquisition spree in the UK this year seems to have soured after they were severely hit by the global financial crisis and steep fall in steel and auto demands.The Indian acquisition trend, as the take-overs are labelled by the British stock market, was pioneered by the Tata's take over of British-based global companies Corus Steel and prestigious Jaguar and Land Rover.It sparked off a serious look out by other companies to acquire strategically placed British firms as India emerged among the first five largest investors in British companies and equities.The Indian companies' global interest in the British market ranged from auto, steel to companies involved in stock brokering and financial firms, according to Geneva based United Nations Conference on Trade and Development (UNCTAD).But, now the global meltdown and the Nov 26 terror attacks on Mumbai, the financial capital of India, had a chilling effect on the steady growth of trade and joint ventures between UK and India in 2008.The global meltdown has forced the Tata group to seek a billion pound bailout loan from the British government, just nine months after they bought the luxury car marque.The plea by the group came as a surprise to the British authorities, who expected the Tata group to have deep pockets to ride over the financial crisis.
