A hat trick for Indian business
Deshakalyan Chowdhury/AFP In what will be India’s biggest incoming foreign investment to date, Britain’s Vodafone has just paid $11.1 billion dollars to own a controlling stake in Hutchison Essar, India’s fourth largest mobile phone network. India is already the fastest growing mobile market in the world, with around 6.5 million new subscribers in the last quarter, ...
Deshakalyan Chowdhury/AFP
In what will be India’s biggest incoming foreign investment to date, Britain’s Vodafone has just paid $11.1 billion dollars to own a controlling stake in Hutchison Essar, India’s fourth largest mobile phone network. India is already the fastest growing mobile market in the world, with around 6.5 million new subscribers in the last quarter, and “market penetration” expected to reach a staggering forty percent in the next five years.
Also today, India’s largest aluminium producer, Hindalco Industries, has agreed to buy out its rival Novelis, a U.S.-Canadian firm, for $5.9 billion. Novelis is the largest producer of rolled aluminium in the world, with big-name clients including Coca-Cola and Rexam.
The two deals come two weeks after Tata’s acquisition of Corus, and once again signal India’s rising economic preeminence. But before getting too carried away about India’s dramatic leap onto the world stage, it’s worth considering the other side of the picture.
More from Foreign Policy


Saudi-Iranian Détente Is a Wake-Up Call for America
The peace plan is a big deal—and it’s no accident that China brokered it.


The U.S.-Israel Relationship No Longer Makes Sense
If Israel and its supporters want the country to continue receiving U.S. largesse, they will need to come up with a new narrative.


Putin Is Trapped in the Sunk-Cost Fallacy of War
Moscow is grasping for meaning in a meaningless invasion.


How China’s Saudi-Iran Deal Can Serve U.S. Interests
And why there’s less to Beijing’s diplomatic breakthrough than meets the eye.