The Godrej group is probably as well known across India as the humble samosa. And like the deep-fried savoury snack, Godrej has many incarnations.
The company headquartered in Mumbai is a US$3.3 billion (Dh12.12bn) conglomerate operating in property, consumer goods, industrial engineering, appliances, furniture, health care, security and agriculture. Countless households have Godrej refrigerators in apartments they lease from the company.
Now the diversified group is looking to bring its healthcare business to the Gulf.
"Health care in the Gulf presents a massive opportunity for us," says Bomi S Gandhi,Godrej's general manager for the Middle East and North Africa (Mena).
"Our major push right now is in Oman, where the country has announced billions of dollars worth of upgrading of its healthcare sector," he says. "We provide hospital furniture for them and are in the process of getting certified by the government."
The company has set up partnerships with various resellers across the region, hoping to benefit from Oman's $5bn healthcare overhaul.
Godrej's story has a familiar ring. Every year, seemingly hundreds of Indian companies look to the Gulf for expansion. In fact, the Gulf has become the first international destination for many Indian companies.
"Indian companies wanting to operate on a global level prefer to set up their regional headquarters in the Gulf due to easy rules and regulations that permit growth without the usual red-tapism and restrictions," says Parvez Vohra, the managing director of Sai Freight, a cargo company that operates in India and the Gulf.
When Indian companies set up shop in the Gulf, this can also benefit India'sdomestic market.
"What is happening to us is that selling our products [in] the Gulf to their specifications helps us to develop them and improve their quality," says Mr Gandhi. "As a result, we can introduce higher-tech products to the Indian market that have been approved by stringent regulators in the Gulf."
Experts say some companies are better positioned to take advantage of the current market conditions.
"Health care, pharmaceuticals, education and IT sector should get top slots for expansion to Gulf. Tourism and hospitality has lots of scope, too," says Bharat Butaney, the president of the Indian Business and Professional Council. "Government is currently emphasising upon health tourism. Now is the time to invest in energy sector, especially the renewable energy like solar, wind, tidal and bio-thermal production. Construction industry is looking up and will grow. Construction equipment and raw material imports are good ideas for SMEs [small and medium enterprises]." .
Traditionally, India and the Gulf have been close trading partners, but the most recent trade boom began in the 1980s.
"Remember the Gulf boom in the '80s, when the Gulf practically depended on India as a source of supply for their needs, right from construction materials to commodities? This was the boom time for Indian companies and the geographical reasons made it an attractive region," says Mr Vohra.
Soon after large numbers of Indians began to migrate to the Gulf, trading with their home country became a natural extension of their presence in the region.
Culture came into play, even in the world of business.
"The Indo-Arab climate and culture are similar when it comes to doing business. We both share similar ways in terms of mentality and approach," says Mr Vohra. "Also, there are strong roots that Arabs have in India over the years, which are all mixed with personal bonds, trust and faith."
But doing business anywhere in the world is never guaranteed to be easy, and the Gulf is no exception. Indian companies may find themselves entangled in red tape or may not be able to locate the right partner immediately.
"The biggest challenge is to have the company set up and companies deciding how they are going to be operating in the region - whether they want to go, be it free zone or local sponsorship. Plus there are always visa challenges," says Madhusudan Thakur, the regional vice president for South Asia at Regus, a business consultancy.
The steady decline in the rupee has also affected Indian companies looking to expand overseas, the experts note.
"They have to pay much more for relocating their business, even basic things like office space and staff. Many want to focus in their own market as loads of opportunities [are] in India itself as many corporations are expanding there," Mr Thakur says.
Pricing products correctly is also a challenge for Indian companies hoping to export to the Gulf.
"Competitive pricing and inferior quality of goods remains … the biggest hurdle for the Indian businessman," says Mr Vohra. "The Indian community in the Gulf was unable to match their prices correctly in the Gulf because … the price in the source was much lower."
Modernisation and expansion in the Gulf did catch the Indian business community off guard. Indian companies became complacent and competition from other Bricnations - Brazil, Russia and China - made things tougher.
"The Gulf was swamped by the Chinese and the Russians, who spared no effort to destroy the Indian monopoly and presence," says Mr Vohra. "In fact, they made sure that the Indian supply chain was broken into pieces and they … succeeded. Indians continue to face a very volatile situation to combat the forces and resources that they must compete against in an aggressive manner."
But the game is not over yet, as the bonds between India and the Gulf show no signs of fraying.
"Considering the similarities in lifestyle and culture, Indians still prefer the Gulf over establishing offices and homes in the Far East or in Europe or at American shores, as the comfort levels and the atmosphere in the Gulf are conducive and friendly for a long stay, in most cases for a lifetime," Mr Vohra says.
twitter: Follow our breaking business news and retweet to your followers. Follow us
