Does Your Company Have an India Strategy?

At the end of financial year 2022, the price-to-book ratio for the European consumer products giant Unilever PLC stood at six. The same number for its subsidiary in India, Hindustan Unilever, was twice that, at twelve. This difference is not because the Indian subsidiary is a young or small company — on the contrary, the Indian subsidiary is a 90-year-old company with a market cap of $76 billion. Nor is this an isolated instance.

Nestle SA, the world’s largest food and beverage company giant based out of Switzerland, has a P/B ratio of six, while its subsidiary in India has a whopping 82; 3M USA has a P/B of 4.2, its Indian subsidiary has a P/B of 12.7; the German parent of BASF, a global leader in speciality chemicals, has a P/B ratio of just one, its Indian subsidiary has four; the German parent of Siemens, a heavy industry leader, has a P/B ratio of two, its Indian subsidiary has ten.

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