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Corporate Diversification Strategies: Indian Perspective

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Corporate Diversification Strategies: Indian Perspective UNIVERSITY OF LJUBLJANA FACULTY OF ECONOMICS MASTER’S THESIS CORPORATE DIVERSIFICATION STRATEGIES: INDIAN PERSPECTIVE Ljubljana, September 2014 NAVIN DUBEY AUTHORSHIP STATEMENT The undersigned Navin Dubey a student at the University of Ljubljana, Faculty of Economics (hereafter: FELU), declare that I am the author of the master’s thesis entitled Corporate Diversification Strategies: Indian Perspective, written under supervision of Professor Matej Lahovnik, Phd. In accordance with the Copyright and Related Rights Act (Official Gazette of the Republic of Slovenia, Nr. 21/1995 with changes and amendments) I allow the text of my master’s thesis to be published on the FELU website. I further declare the text of my master’s thesis to be based on the results of my own research; the text of my master’s thesis to be language-edited and technically in adherence with the FELU’s Technical Guidelines for Written Works which means that I o cited and / or quoted works and opinions of other authors in my master’s thesis in accordance with the FELU’s Technical Guidelines for Written Works and o obtained (and referred to in my master’s thesis) all the necessary permits to use the works of other authors which are entirely (in written or graphical form) used in my text; to be aware of the fact that plagiarism (in written or graphical form) is a criminal offence and can be prosecuted in accordance with the Copyright and Related Rights Act (Official Gazette of the Republic of Slovenia, Nr. 21/1995 with changes and amendments); to be aware of the consequences a proven plagiarism charge based on the submitted master’s thesis could have for my status at the FELU in accordance with the relevant FELU Rules on Master’s Thesis. Ljubljana, September 17th, 2014 Author’s signature: _______________________ TABLE OF CONTENTS INTRODUCTION ............................................................................................................... 1 1 THEORETICAL PERSPECTIVE OF DIVERSIFICATION STRATEGIES ........ 6 1.1 Strategic Management ............................................................................................... 6 1.1.1 Phases of Strategic Management ........................................................................ 6 1.1.2 Benefits of Strategic Management...................................................................... 7 1.1.3 Elements of Strategic Management .................................................................... 8 1.1.4 Environmental Scanning ..................................................................................... 8 1.2 Analysis of Environment ........................................................................................... 9 1.2.1 General Environment (PESTLE) Analysis ......................................................... 9 1.2.2 SWOT Analysis ................................................................................................ 11 1.2.3 Development of Competitive Advantage ......................................................... 12 1.3 Diversification ......................................................................................................... 13 1.4 Theoretical aspect of effect of diversification ......................................................... 15 2 BUSINESS CHARACTERISTICS OF THE COMPANIES ................................... 17 2.1 National Mineral Development Corporation Limited (NMDC) .............................. 19 2.1.1 Key Capabilities................................................................................................ 20 2.1.2 Business Strategy .............................................................................................. 21 2.2 TATA Group ........................................................................................................... 22 2.2.1 Key capabilities ................................................................................................ 24 2.2.2 Business Strategy .............................................................................................. 24 2.3 Reliance Industries Limited (Reliance) ................................................................... 25 2.3.1 Key capabilities ................................................................................................ 26 2.3.2 Business strategy .............................................................................................. 27 2.4 Imperial Tobacco Company Limited (ITC) ............................................................. 27 2.4.1 Key capabilities ................................................................................................ 29 2.4.2 Business Strategies ........................................................................................... 29 3 BUSINESS ANALYSIS OF FIRMS .......................................................................... 30 3.1 PESTLE Analysis of India ....................................................................................... 31 3.2 NMDC Limited ........................................................................................................ 36 3.2.1 Financial performance ...................................................................................... 36 3.2.2 NMDC SWOT Analysis ................................................................................... 38 3.3 Tata Group ............................................................................................................... 39 3.3.1 Financial Performance ...................................................................................... 39 3.3.2 SWOT Analysis ................................................................................................ 44 3.4 Reliance Industries Limited ..................................................................................... 46 3.4.1 Financial Performance ...................................................................................... 46 3.4.2 Analysis ............................................................................................................ 49 3.5 ITC Limited ............................................................................................................. 50 i 3.5.1 Financial Performance ....................................................................................... 50 3.5.2 SWOT Analysis ................................................................................................. 53 3.6 Characteristics of Indian Diversified Company ....................................................... 54 4 ANALYSIS OF RESULTS .......................................................................................... 55 4.1 Tata Group ................................................................................................................ 55 4.2 Reliance Industries Limited ...................................................................................... 56 4.3 ITC Limited .............................................................................................................. 57 4.4 Recommendations for NMDC .................................................................................. 58 CONCLUSION ................................................................................................................... 60 REFERENCES ................................................................................................................... 62 APPENDICES LIST OF FIGURES Figure 1. Basic Elements of Strategic Management Processes ............................................. 8 Figure 2. PESTLE Framework .............................................................................................. 9 Figure 3. SFAS Matrix ........................................................................................................ 12 Figure 4. Mining Projects of NMDC .................................................................................. 20 Figure 5. Key Capabilities of NMDC ................................................................................. 20 Figure 6. Business Strategy of NMDC ................................................................................ 21 Figure 7. Tata Group Global Footprint ............................................................................... 23 Figure 8. Key Drivers for Tata Group ................................................................................. 25 Figure 9. Business Model of RIL ........................................................................................ 27 Figure 10. Business Portfolio of ITC .................................................................................. 28 Figure 11. ITC Business Strategy ....................................................................................... 29 Figure 12. Factors Affecting Business Environment in India ............................................. 32 Figure 13. Indian Sectoral GDP Growth Rate ..................................................................... 33 Figure 14. NMDC Sales Profit in 2011–2013 ..................................................................... 37 Figure 15. NMDC Performance on BSE ............................................................................. 39 Figure 16. Sector wise Performance of Tata Group in 2012–2013 ..................................... 40 Figure 17. Tata Group Net Sales in 2011–2013. ................................................................. 42 Figure 18. Tata Group Net Profit in 2011–2013 ................................................................
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