ImageIndia Inc’s overseas acquisition juggernaut has run into stormy recession winds, and companies are struggling to keep their targets afloat.

Only two years ago, there was no stopping domestic companies, particularly in automobile and pharmaceutical sectors, flush with cash and bursting with nationalistic pride, in their expedition. With the slowdown now in their face, most of them are struggling to save the acquired firms from going under or making losses.

Big or small, the bug has bitten them all. Groups like the Tatas are facing trouble with acquisitions such as those of steel producer Corus, and car and SUV maker Jaguar-Land Rover (JLR).

Corus, which was acquired by the Tatas in 2006, has, like all steel firms, seen a substantial fall in demand, in the long run, this will tell on the group’s health. As far as JLR is concerned, UK business secretary Peter Mandelson was in India last month to discuss a bailout package. The Tatas have asked for a $1-billion loan from the British government, by unlocking credit from banks in the UK.