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Impact of Indian Investments in the U.S

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Impact of Indian Investments in the U.S How America Benefits from Economic Engagement with India Vinod K. Jain, Ph.D. Robert H. Smith School of Business University of Maryland Kamlesh Jain, Ph.D. India-US World Affairs Institute, Inc. Washington, D.C. June 2010 www.india-us.org i © 2010 India-US World Affairs Institute, Inc. © 2010 by India-US World Affairs Institute, Inc. ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in any retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. Permission requests should be addressed to the President of India-US World Affairs Institute, Prof. Vinod Jain, at [email protected]. Disclaimer: While the publisher and the authors have used their best efforts in preparing this publication, they make no representations or warranties with respect to the accuracy or completeness of the contents of this report. The advice and strategies implied herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher, nor the authors, nor the sponsors/partners shall be liable for any loss of profit or any other commercial damages. The opinions expressed in this report are those of the authors and not of any of the study’s sponsors. ii © 2010 India-US World Affairs Institute, Inc. Contents Foreword ....................................................................................................................................... vi Foreword ....................................................................................................................................... vii Executive Summary ...................................................................................................................... viii India Inc. Goes Abroad .............................................................................................................. viii India’s Greenfield Investments in the United States .................................................................. ix India’s Mergers and Acquisitions in the United States ............................................................... ix U.S. Exports to India ..................................................................................................................... x Immigrant Entrepreneurs, Professionals and Students from India ............................................. x The State Department, Open Investment, and American Jobs ................................................... xii Section 1. Introduction .......................................................................................................... 1 Foreign Companies in America ................................................................................................... 2 U.S. Exports ................................................................................................................................. 3 The Impact of Immigrant Entrepreneurs, Professionals, and International Students ............... 4 About the Report ........................................................................................................................ 4 Case Study: Tata in America ....................................................................................................... 5 Section 2. Greenfield Investments by Indian Companies in the U.S. ................................ 10 Main Findings ............................................................................................................................ 11 Notes ......................................................................................................................................... 17 Case Study: Essar Steel Makes the Impossible Possible in Minnesota ..................................... 17 Section 3. Mergers & Acquisitions by Indian Companies in the U.S.................................. 19 Main Findings ............................................................................................................................ 19 Case Study: Jain Irrigation Systems Ltd. ................................................................................... 24 Case Study: HCL Technologies .................................................................................................. 27 iii © 2010 India-US World Affairs Institute, Inc. Case Study: Ranbaxy Laboratories ............................................................................................ 29 Case Study: Firstsource Solutions ............................................................................................. 30 Case Study: Rolta ...................................................................................................................... 30 Case Study: Polaris Software .................................................................................................... 32 Case Study: Indegene Life Systems Pvt. Ltd. ............................................................................. 33 Case Study: Infotech Enterprises .............................................................................................. 33 Section 4. A Splendid Exchange........................................................................................... 35 U.S. Merchandise Exports to India ............................................................................................ 36 Exports and Jobs ....................................................................................................................... 39 The Importance of India as an Export Market to Different States ........................................... 41 Section 5. Immigrant Entrepreneurs, Professionals, and Students from India ................. 42 Who are the Indian Americans ................................................................................................. 42 Immigrant Entrepreneurs from India ....................................................................................... 43 Indian American Professionals .................................................................................................. 46 Appendix: Methodology .............................................................................................................. 50 Acknowledgements ...................................................................................................................... 52 About the Authors ........................................................................................................................ 53 India-US World Affairs Institute, Inc............................................................................................ 54 Federation of Indian Chambers of Commerce & Industry .......................................................... 54 Robert H. Smith School of Business, University of Maryland..................................................... 54 Endnotes ....................................................................................................................................... 55 iv © 2010 India-US World Affairs Institute, Inc. Tables Table 1-1: Number of Tata Employees by State ............................................................................. 6 Table 2-1: Top Fifteen U.S. States Receiving Greenfield Investments from India ........................ 13 Table 2-2: Top 15 Indian Companies/Groups in Terms of Jobs Created ...................................... 16 Table 3-1: Top Ten U.S. States with Acquisitions from Indian Companies ................................... 21 Table 3-2: Top 10 Job Creating Companies .................................................................................. 23 Table 3-3: Acquisitions by Jain (Americas) ($M) ........................................................................... 25 Table 3-4: Additional Sources of Impact ($M) .............................................................................. 26 Table 4-1: U.S.-India Merchandise Trade, 2004, 2008 and 2009 ................................................. 36 Table 4-2: U.S. Merchandise Exports to India by Industry, 2004, 2008, and 2009 ...................... 37 Table 4-3: Compounded Growth Rates of U.S. Exports ................................................................ 38 Table 4-4: No. of U.S. Jobs Linked to U.S. Merchandise Exports to India, 2004-2009 ................. 39 Table 4-5: The Top 25 States – Numbers of Jobs Linked to Manufactured Exports .................... 40 Table 4-6: Share of India in Total State Merchandise Exports, 2009 ........................................... 41 Table 5-1: Select Immigrant-Entrepreneurs from India ............................................................... 45 Table 5-2: The Number of AAPI Members by State and by Specialty .......................................... 47 Figures Figure 1-1: Governor Tim Pawlenty at the groundbreaking ceremony of Essar Steel on September 19, 2008 ........................................................................................................................ 2 Figure 2-1: Top Ten U.S. Sectors Receiving Greenfield Investments from India .......................... 12 Figure 2-2: Project Trend Analysis ................................................................................................ 12 Figure 2-3: Investment Analysis ...................................................................................................
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