Human resource is the most precious resource for every business in comparison to other resources like money, material, and technology as it cannot be replicated. Human capital is the only asset involved in all the operations of the enterprise right from the manufacture of goods to delivery to the consumer. Enterprises have realized the significance of this resource and have started investing huge amounts of their budget to develop this resource. These investments will be rewarding only if the human resources are properly managed and effectively utilized. This paper is an attempt to further such investigations. In this paper the researcher intends to investigate the HRM practices in the following three areas: 1. Change Management – developing an adaptable workforce, 2. Innovation and Learning, and 3. Global Integration, in select Indian and foreign companies and whether the nature of firm ownership has an influence on the HRM practice. This paper is aimed at a comparative study of the HR practices in foreign owned and domestic companies in India that address the HR preparedness of these companies in facing the challenges listed above. The outcome of the study would help the organizations to learn from each others strengths and weaknesses and develop on them.