This paper presents a framework in which to understand the internationalization strategies of Indian firms. Drawing upon the experiences of twenty firms, we postulate that firm strategies may be best understood as responses to certain strategic challenges, with the firms drawing upon certain competitive advantages. These challenges and advantages are specifically identified. This framework appears to work well even where the firms differ in age, maturity, or size of international business. Cases studied are drawn from several Indian industries, and cover the period 1991 through 1995.