Anand G Mahindra, CEO of India's $6 billion Mahindra Group, intends to use the weak US dollar to buy manufacturing plants in "bargain basement" America, according to Newsweek magazine.
For an Indian businessman, the biggest opportunity is to buy manufacturing assets in America, which is not a manufacturing country, the 52-year-old Harvard Business School graduate told the US weekly on a recent trip to New York.
"But funnily enough, the US dollar plummeting makes the US competitive again. With the low currency, US manufacturing assets are bound to have huge export opportunities again," the magazine quotes him as saying in its forthcoming Dec 10 issue.
"For India to go global is not to export - until the currency turns around - but to go look for assets. There's going to be a tsunami of investment in American manufacturing assets," Mahindra said.
However, he saw the appreciating rupee as "one of the greatest threats to the Indian economy."
"It has appreciated prematurely. We're still a poor country posturing with an affluent currency: we needed to have time to build up exports, to build up competitiveness and not have it cut away in advance simply because funds are flowing in" Mahindra said.
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