In most Third World nations, importing technology from other countries is considered vital to industrialization and economic development. This book examines the processes of technology transfer and development by tracing how Hindustan Machine Tools—a public enterprise in India—successfully collaborated with manufacturers from industrialized nations in its growth from a single factory to a diversified industrial complex. The author critically analyzes the company's overall strategies for diversification and expansion and its approaches to selecting, acquiring, absorbing, and generating technology and to developing appropriate management. He also points to important relationships between “policy efficiency” and “administrative efficiency” and discusses socioeconomic and cultural factors that can obstruct the successful development and operation of an industrial enterprise in a developing country.