While domestic corporate giants like Tatas, Ambani and Ranbaxy are continuously looking abroad for mergers and acquisitions, India has emerged as the fourth-biggest target in the Asia-Pacific IT space with deals worth over $3.5 billion in 2006.

Total merger and acquisition activities in Asia-Pacific technology sector totalled $35.1 billion in 2006.

Indian companies were target in deals worth 10 per cent of the total value, data compiled by global financial information provider Dealogic shows.

Taiwan was the most targeted nation with deals worth $12.2 billion through 76 transactions, followed by Japan with $7 billion in 441 deals and China with $5.1 billion in 275 deals, Dealogic data shows.

According to global consultancy major Grant Thorton, total number of M&A deals in the Indian IT space had reached 50 in the first 10 months of 2006 itself, resulting in total volume of $1.47 billion.

In contrast, there had been only 22 M&A deals in 2005 in the Indian IT space with a total value of $244 million. Acquisition of 85 per cent stake in Flextronics Software System by private equity firm Kravis Kohlberg Roberts for about $900 million alone contributed for over 25 per cent of the total deal volume in 2006.