Ernst and Young conducted a study on mergers and acquisitions in the mining and metals sector. According to the study observed that Indian companies for the first time shot ahead of their Chinese counterparts in acquiring overseas mineral assets. Indian companies went on a mega acquisition spree of $4.64 billion in 2010 moving ahead from just $128-million worth of overseas buys in 2009. The India shot up the ranks of acquiring countries, to 7th place in 2010 from 14th place in 2009 and thereby accounted for 5 per cent of the global deal value.
According to the study Canada topped the list whereas China slipped to the fourth position.
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