DEALTALK-Lagging China, India eyes African markets, resources

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By Michael Flaherty and Sumeet Chatterjee

HONG KONG/MUMBAI, May 8 (Reuters) - As China pushes into Africa to tap its natural resources and consumers, India wants deals of its own there to feed a booming economy and a corporate sector hungry to grow overseas.

But India is having to play catch-up as China has a tight foothold across the African continent, stretching into nearly every country in areas such as mining and oil.

Indian companies realise that if they don't move quickly to expand across the globe to secure energy and customers in markets such as Africa, China is likely to get there first.

"There's been a definite shift in the way Indian companies look at Africa," said Shipra Tripathy, head of the Africa desk at the Confederation of Indian Industry.

"We are now big enough to foray into what was earlier perceived as a risky market. It's not just natural resources. Companies are now looking for opportunities in many sectors."

China and India, the world's two most populous nations, are battling for resources to drive their roaring economies, and are going head-to-head when it comes to cross-border acquisition strategies for fast growing companies.

That is the backdrop for an expected bid by India's mobile leader Bharti Airtel (BRTI.BO: Quote, Profile, Research) for a controlling stake in South African telecoms operator MTN (MTNJ.J: Quote, Profile, Research), a company worth about $40 billion.