If a Western firm did this, it might be clobbered by fund managers for being too thinly spread.
Indian investors have been more open-minded: Godrej Consumer’s shares have more than tripled since the end of 2007, valuing the firm at $3.2 billion. Mr Godrej says the key is to pick niche products with sizeable local market shares which pass under the radar of big global rivals.
Aware of its limited pool of managers and knowledge of new countries, Godrej grants the acquired firms autonomy.