Discussions on Strategies for India Operations
In the latest earnings calls, global corporations have revealed varied strategies towards India, reflecting a mix of cautious divestment and continued investment. This approach is aligned with local market dynamics and growth opportunities.
Amneal Pharmaceuticals Inc, with a market cap of $2.6 billion, considers India central to their expansion strategy, despite the tariff narrative. The company, which employs 6,000 people in India, is leveraging this base to launch the Amneal brand. However, manufacturing in America has become expensive for Amneal due to tariffs, making India and China more attractive options.
Iron Mountain Inc, an American enterprise information management services company, sees India as central to their digital growth push. Eucerin and NIVEA brands by Beiersdorf AG (€22.3 billion) have gained serious traction in India, thanks to a strong launch strategy and the right product mix. As a result, Beiersdorf AG has found India to be a bright spot in their global expansion strategy. Business for the company grew over 30 per cent in H1 in India, despite the hyper-competitive market dominated by private labels.
Diageo Plc (£45 billion) is seeing strong uptake in prestige whiskey and smaller pack sizes in India. The company reports continued growth in premium whiskey sales in India, driven by favorable policy tailwinds. The upcoming UK-India Free Trade Agreement is expected to unlock future growth for Diageo in the premium whiskey segment.
Waters Corporation, a US-based analytical workflow solutions provider, reports that customer sentiment in India remains upbeat despite tariff uncertainty. Despite the 25% tariffs and secondary sanctions aimed at breaking up BRICS' influence, India is unlikely to yield due to its foreign policy of non-alignment and relatively-small trade footprint with the US. The company believes that any potential tariffs will not affect their core pharma clients.
NCR Alteos Corp, an American ATM service provider, continues to choose India as their manufacturing hub of choice, despite tariff tensions. This decision underscores India's appeal as a manufacturing base for global corporations.
Indian sectors like Technology, Financials, and Defense showed strength in the Q2 2025 earnings, driven by digital demand and AI growth. Companies such as Infosys in IT and Yes Bank in banking highlight resilience and growth opportunities amid broader macroeconomic pressures, signaling foreign and domestic firms’ strategic focus on India's fast-evolving digital and financial services landscape.
While not India-specific, global tech giants like Google emphasize investment in cloud infrastructure and AI in their Q2 2025 calls, which aligns with the broader trends of technological adoption in India, suggesting indirect strategies to leverage India’s growing digital economy.
The acquisition of CRC India has expanded the digitisation capabilities of a yet-unspecified corporation, making India a key growth engine for them, both locally and globally.
In summary, global corporations are demonstrating selective engagement strategies in India. FMC is pulling back commercial operations while maintaining supply links, technology and financial sectors are expanding, driven by AI and digital demand, and firms like Varun Beverages leverage operational efficiencies and international markets alongside domestic resilience. This depicts a cautious but opportunity-driven approach to India in Q2 2025.
- Amneal Pharmaceuticals Inc, despite tariffs making manufacturing in America expensive, finds India and China more attractive options for their expansion strategy, reinforcing the company's significant presence in India with 6,000 employees.
- Beiersdorf AG, with strong traction in India for their Eucerin and NIVEA brands, considers India a bright spot in their global expansion strategy, experiencing over 30% growth in H1, even amid a hyper-competitive market.
- Diageo Plc is witnessing continued growth in premium whiskey sales in India, driven by favorable policy tailwinds and a strong uptake in prestige whiskey and smaller pack sizes.
- Waters Corporation expects customer sentiment in India to remain upbeat despite tariff uncertainty, believing that any potential tariffs will not impact their core pharma clients.
- NCR Alteos Corp continues to choose India as their manufacturing hub of choice, demonstrating India's appeal as a manufacturing base for global corporations.
- Indian sectors like Technology, Financials, and Defense showed strength in Q2 2025 earnings, preceded by digital demand and AI growth, signaling a strategic focus on India's fast-evolving digital and financial services landscape.
- Global tech giants like Google are investing in cloud infrastructure and AI, aligning with the broader trends of technological adoption in India, suggesting indirect strategies to leverage India’s growing digital economy.
