個案資料
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Bharat Forge Ltd.: International Scope Expansion
內容大綱
In 2012, an Indian multinational, Bharat Forge Ltd. (BFL) achieved world-leader status in forgings by a series of acquisitions in Europe and the United States. The need to participate in growth markets and to be close to global auto majors led BFL to a joint venture with the China-based FAW Corporation. However, while moving towards growth and a strategy for international scope expansion, shifts in the environment took BFL on a path towards a more de-risked portfolio. Following the divestment of its holding in the United States, BFL needed to reexamine the continuance of its stake in the joint venture.
學習目標
The case may be used to illustrate four key points:<ul><li>Companies have choices in terms of direction of growth. Given constraints on resources, globalization, forward integration and market penetration are more likely to create value before considering alternatives like related diversification.</li><li>Successful companies travel multiple paths to growth (often simultaneously) by adding skills that create even more opportunities.</li><li>A helpful framework for scope expansion by international acquisitions hinges around a proactive scan for opportunities with assets related to the primary business, while being mindful of potentially divesting an acquired asset.</li><li>A mode of growth strategy — whether it is organic or based on alliances or acquisitions — can deliver value provided there is clear willingness to consider divestitures too.</li></ul>