Journal of Business Research, v. 68, n. 2, pp. 241-254. Abstract: The case describes the internationalization process of emerging markets multinational enterprises in other emerging markets. Marcopolo, the largest manufacturer of bus bodies in Brazil and one of the largest in the world, started several joint ventures to manufacture bus bodies. After years of consistent headway in a globalization strategy, including several success stories, the company was facing hard times along several fronts. The case specifically examines the experiences in Russia, India, and Egypt, their inception, and the subsequent events until the beginning of 2011. The case can be used in conjunction with case (A) International Expansion of Marcopolo (A): Adventures in China—or separately.