Emergency forced exit of Coca-Cola, IBM, Kodak and Mobil, but gave birth to…
(File/Representational)
In 1977, after the Emergency and the rise of nationalist economic agenda led to the exit of Coca-Cola, IBM, Kodak and Mobil, were forced to leave from India. Their forced departures were not only business decisions but also linked to ideological battle.
Absence of these global giants led to a shift in consumer tastes and gave birth to local competitors. 1973 Regulation
After the Foreign Exchange Regulation Act (FERA) of 1973 which mandated that foreign companies dilute their equity to 40% and, in certain sectors, reveal proprietary technologies and trade secrets, it changed parameters for many foreign companies. Coca-Cola, IBM, Kodak, Mobil Exit:
It was asked to share its secret formula so they decided to exit. IBM was not able to give control of its technology so they left India. Kodak and Mobil found the regulatory and ownership challenges they did the same thing. By 1978, over 50 multinationals announced to leave the Indian market. Birth Of Thums Up
After Coca-Cola's exit there was no specific cold drink in the Indian market. Parle Products found the opportunity over here. Thums Up was their soft drink which started taking this space. It was an Indian flavour profile.
Even the Campa Cola came with a tagline 'The Great Indian Taste'. Even the government tried to introduce their own soft drink named as 'Double Seven', The name was derived from the Janata Party's year of electoral victory.
When Coca-Cola returned in 1993, the market was changed. What they did first was to acquire Thums Up and Limca for $60 million.
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