The rise of new multinationals in countries like India provides an opportunity to revisit and carefully construct theories of how firms internationalize—a topic on which extant theory is weak. Indian firms are “infant MNEs,” unlike Western firms that are “mature MNEs.” Indian firms are also internationalizing in a very different global context, and can do so on the basis of different competitive advantages, than MNEs that came before. Finally, research on Indian MNEs can help identify generic strategies for internationalization, examples of which are provided in the article. By pursuing the lines of inquiry proposed, research on Indian MNEs can contribute not just to better local practice but also to broader theory building about early-stage internationalization. Keywords : Indian Multinationals, Internationalization