12-28. What are institutional voids? Why might they encourage the conglomerate form of organization in emerging markets? As Chapter 1 indicated, the role of emerging markets in the world economy is growing. It should come as no surprise that multinational enterprises (MNEs) headquartered in emerging markets are also playing a growing role. Fortune’s Global 500 contained only 21 such firms in 2002. In 2012, that number has grown to 81.

One of the most important of these emerging market MNEs is the Mumbai-based Tata Group. Founded in 1868 by Jamsetji Tata, the Tata Group now consists of 90 companies focused on seven business segments that span industrial products, consumer goods, and high technology.

Thirty-one of these companies, such as information-

technology specialist Tata Consultancy Services, trade as publicly listed firms; the remainder are privately held. The Tata Group generated $100 billion in revenues in 2012 and employed more than 456,000 workers.

About 59 percent of its revenue is produced outside the domestic Indian market.