With India being the fastest-growing large economy, ‘what is your India plan?’ is a common topic in boardrooms of most global corporations. One important source to distil their India plans is from their quarterly earnings calls. With the September earnings season in progress, we will bring to you what CXOs of global corporations are saying about India and their perspectives and plans in this column. Here are some from companies that reported their earnings last week.
Mondelez International Inc (MDLZ, $149.9 billion)
The US snack and confectionery giant said India continues to perform better than expected, supported by strategic price adjustments and strong consumer demand.
“In India, we decided not to increase prices significantly but to downsize packs, which has worked well. The market is performing better than expected, with mid-single-digit growth in Q3 and solid momentum year-to-date.”
Cognizant Technology Solutions Corporation (CTSH, $35.3 billion)
The US IT services firm said it is exploring a potential primary offering and secondary listing in India as part of efforts to enhance shareholder value.
“We are assessing a potential primary offering and secondary listing in India, engaging with stakeholders in both countries. The process is complex and long term in nature, and while no decision has been made, we remain committed to acting in the best interest of our shareholders.”
Veralto Corporation (VLTO, $24.9 billion)
The US-based environmental solutions company reported robust growth in India, driven by infrastructure expansion and rising middle-class demand.
“Core sales in high-growth markets rose 4.3 per cent, led by strong double-digit growth in India. With rapid urbanisation and infrastructure development, India is becoming a key contributor, supported by strong execution in Water Quality and Product Quality & Innovation.”
Modine Manufacturing Company (MOD, $8.1 billion)
The US thermal management solutions provider has launched production at its new data centre facility in Chennai to strengthen its regional supply chain.
“We successfully launched production at our new Chennai, India, facility, which will serve growing data centre demand across India, South-East Asia and the Middle East. The site enhances our ability to deliver locally manufactured products to key APAC customers.”
Gates Industrial Corporation plc (GTES, $5.7 billion)
The UK-based power transmission and fluid power manufacturer said India continues to deliver strong growth, emerging as a promising alternative to China.
“East Asia and India posted about 5 per cent core growth, led by our Automotive Replacement and Industrial businesses. India’s economy is evolving rapidly, and we see it as a key growth engine and a real alternative to China over the midterm.”
Sify Technologies Ltd (SIFY, $835.7 million)
The digital infrastructure firm said the country is entering a pivotal phase in its technological evolution, driven by rapid cloud, AI, and data centre growth.
“India’s digital transformation is reaching a decisive phase, with cloud adoption, AI integration and data centre expansion positioning the country as the next global hub for digital infrastructure and innovation.”
Epiroc AB (publ) (EPIA, Skr237.9 billion)
The Swedish mining and infrastructure equipment maker is expanding its manufacturing and R&D footprint in India to support global operations.
“We’re investing in Nashik, India, to create a global production and R&D hub for both surface and underground equipment. The facility will include production halls, prototyping labs, and test tracks, reinforcing our commitment to the Make in India initiative.”
AB SKF (publ) (SKF, Skr113.0 billion)
The Swedish bearings and industrial components maker said India remains its most important market in Asia, driving strong growth across both industrial and automotive segments.
“We’re seeing very good activity levels in India, which is the largest contributor in our Asia region. We’ve completed the separation of our Indian business and are ready to list the new entity before year-end, a major milestone for SKF in the country.”
TotalEnergies SE (TTE, €115.9 billion)
The French energy major said it plans to expand its operations in India by establishing a competence centre to support its digital and power businesses.
“India offers access to high technical competencies at reasonable cost, making it ideal for growing our digital and electricity capabilities. We’re seriously considering expanding our presence with a competence centre as part of our efficiency and cash-saving initiatives.”
Published on November 1, 2025
