The distinction is one made by Baba Kalyani, who runs another highly successful Pune-based manufacturer, Bharat Forge.

ECONOMIST: Few hands make work light

Local firms, such as Bharat Forge, have been shedding unskilled labour, investing in technology and building brands and distribution overseas.

ECONOMIST: Manufacturing in India

In 1989, he changed Bharat Forge's business model, investing in brand-new facilities and new technology, some of it developed in-house.

ECONOMIST: Few hands make work light

Bharat Forge, a family-controlled firm also based in Pune, is more ambitious.

ECONOMIST: Manufacturing in India

His Bharat Forge has joint venture with Faw, China's largest forging company.

FORBES: Magazine Article

Last year India's Bharat Forge bought Federal Forge of Lansing, Mich.

FORBES: The Parts Paradox

Last year India's Bharat Forge bought Federal Forge of Lansing, Michigan.

FORBES: The Parts Paradox

Baba Kalyani, Bharat Forge's chairman, says that two other ventures being pursued in China and North America could propel his firm past ThyssenKrupp of Germany, the market leader.

ECONOMIST: Manufacturing in India

Singh, pharma entrepreneur K.Anji Reddy, vaccines-maker Cyrus Poonawalla, Rahul Bajaj, patriarch of the Bajaj Group, Baba Kalyani of Bharat Forge and tech tycoons Azim Premji and Shiv Nadar.

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In the past two years, he has bought six companies in four countries Britain, Germany, Sweden and, most recently China, where Bharat Forge late last year acquired control of the forgings division of First Automobile Works, the country's largest carmaker.

ECONOMIST: Few hands make work light