Businesses are influenced by changes in the external environment and learn to adapt to the new equilibrium shaped by external forces. Changes in the external environment force businesses to go through periods of transition chracterized by changing institutions and deviation from established ways of conducting business. Businesses in India started responding to changes in the early nineties with the opening up of the economy. Reforms in some capital intensive sectors like the electricity sector were initiated by encouraging private sector participation in electricity generation. It was expected that reforms would attract private players in the electricity industry and lead to improvements in efficiency and diffusion of new technologies. The book examines the influence of shifts in the external environment in the form of reforms and its implications for efficiency and technology strategies and links them with growth and green orientation.