PARIPEX - INDIAN JOURNAL OF RESEARCH | Volume - 11 | Issue - 03 |March - 2022 | PRINT ISSN No. 2250 - 1991 | DOI : 10.

36106/paripex

ORIGINAL RESEARCH PAPER Commerce

KEY WORDS: Acquisition,

TRENDS AND PROSPECTS OF MERGER AND deal, merger prospects
ACQUISITION IN INDIA significance synergy, trends,
volume.

Assistant Professor, Bangurnagar Arts, Science and Commerce College,

Laxmi B. Parab Dandeli, Karnataka, India.
Professor PG Department of Studies in Commerce, Karnatak University,
R. L. Hyderabad Dharwad, Karnataka, India.
The M&A activity in India gained momentum in recent years due to growth in India's International appeal and large
customer base. The concept of mergers and acquisitions (M&A'S) was initiated by the government bodies in India.
ABSTRACT

Corporate sector of India was restructured by financial organizations by adopting the M&A policies. This paper aims to
study the trends and a prospect of M&A's in India and tries to understand the extent of merger deals made by India. The
results reveals that Indian markets have witnessed burgeoning trend in mergers which may be due to various factors like
synergy, business consolidation, reduction of debt, reforms in the government regulations, M&A tools and techniques
increasing competitions, acquisition activities etc. M&A's have begun to gain momentum in India; there is plenty of
examples of M&A provided in this research which proves that Indian industries have already entered into the M&A
process of value creation.
INTRODUCTION organizations. In India, the concept of mergers and
The M&A activity in India gained momentum in recent years acquisitions was initiated by the government bodies. Some
due to growth in India's International appeal and large well known financial organizations also took the necessary
customer base. Current trends witness domestic and foreign initiatives to restructure the corporate sector of India by
participation in the Indian Distressed asset sale where they adopting the mergers and acquisitions policies. The Indian
are investing in the asset reconstruction companies. economic reform since 1991 has opened up a whole lot of
Consolidation in various FMCG companies is being challenges both in the domestic and international spheres.
witnessed due to the huge potential in India's customer base The increased competition in the global market has prompted
with varying choices and preferences. There has been a surge the Indian companies to go for mergers and acquisitions as an
in consumer spending over the last five years which is important strategic choice. The trends of mergers and
prompting overseas investors or companies to merge or acquisitions in India have changed over the years. The
amalgamate with the Indian Companies to reap huge benefits immediate effects of the mergers and acquisitions have also
and arrive at economies of scale. been diverse across the various sectors of the Indian
economy.
Various reasons that have made Indian markets more
attractive include major reforms in the legal and the
regulatory realm of the country like the Goods and the
Service Tax (GST), Real Estate Regulatory Authority (RERA),
and Insolvency and the Bankruptcy Code (IBC). These are the
signs of the increasing depth and maturity of the Indian
markets.

The uptick in the M&A activity could largely be attributed to

factors that include consolidation across various sectors,
India's growing international appeal, India's jump of 23
positions in Ease of doing business against its rank of 100 in Mergers and acquisitions have many capacity benefits, which
2017 to 77th in 2018 amongst 190 countries assessed by the specifically attention on boosting profits and shareholder
world bank, Insolvency and the Bankruptcy Code, extremely price thru: the economies of scale produced with the aid of
competitive atmosphere in the mobile and e-commerce increasing market proportion; the elevated use of an present
space, and the feeding frenzy in the consumer goods and e- distribution network by means of the acquisition of latest
commerce area as foreign companies look to have a major product talents; the extension of a sturdy product capability
slice of India's massive customer base. 2018 broke all into new markets; the diversification of product and market
previous records by crossing the USD 100 billion mark in dangers. This is why mergers and acquisitions emerge as a
terms of deal value across the Private Equity and the M&A critical tool for corporate development in nowadays
transactions. Deal value as on December 2018 reached a worldwide marketplace, which is characterized via
record high of around USD 105 billion across 1640 consolidation, convergence, the opposition for skills and
transactions. generation, and the increasing importance of such intangible
belongings as know-how, competencies and patron
M&a History In India At A Glance relationships.
Emerging as the key driver for deals, domestic consolidation
took a large share with around 60 percent of the overall M&A Significance Of Mergers And Acquisitions
transaction values in 2018. Inbound deals accounted for Mergers and acquisitions are used as instruments of
around 30% of the total M&A deal values this year. Also, a momentous growth and are increasingly getting accepted by
number of overseas investors had shown interest in the Indian businesses as a critical tool of business strategy. They
activities of the Indian Startups and pooled in huge resources are widely used in a wide array of fields such as information
in their ecosystem to give a boost to their business objectives. technology, telecommunications, and business process
outsourcing as well as in traditional business to gain strength,
The process of mergers and acquisitions has gained expand the customer base, cut competition or enter into a
substantial importance in today's corporate world. This new market or product segment. Mergers and acquisitions
process is extensively used for restructuring the business may be undertaken to access the market through an
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PARIPEX - INDIAN JOURNAL OF RESEARCH | Volume - 11 | Issue - 03 |March - 2022 | PRINT ISSN No. 2250 - 1991 | DOI : 10.36106/paripex
established brand, to get a market share, to eliminate Synergy
competition, to reduce tax liabilities or to acquire The synergy between the merging or the amalgamating firms
competence or to set off accumulated losses of one entity or companies determines the increase in the value of the
against the profits of another entity. However, on the other the combined entity. This can be achieved through cost savings
motive may be to create anti-competitive effects like to that come through economies of scale or increased sale in the
reduce the numbers of competitors or to create dominance in profits of the business. Anaphor feature is the tax benefit
the market. which is the product of such merger or amalgamation. For
example, there were tax benefits in the case of Ashok Leyland
The growth of interdependence of markets for different items Information Technology(ALIT) which was acquired by
and services as well as increasing foreign competition, it is Hinduja Finance, a group in 2013 so that it could set off the
apparent that these days we are in a time of giant adjustments accumulated losses in ALIT's books against its profits or with
that are why a lot of organizations are expanding their an objective of entering into an entirely new sector.
geographic reach and growth. organizations which select to
grow, generally try to take an additional market proportion, reach Consolidation
new customer base, create monetary earnings, provide returns Consolidation is basically the combination of two or more
for his or her stakeholders, and so on., even as companies which companies into a new company where all the companies are
pick out no longer to develop, are manifestly to failure due legally dissolved to create a new entity in order to strengthen
their loss of clients and market shares, destroyed shareholder the position in the market. For example, in the Media and
and stakeholder values and so on. Entertainment sector, the consolidation theme was the key
with the MAA Television Network Limited which was acquired
Today growth in lots of instances arise via mergers and by Star India Private Limited for an estimated Rs. 2000-2500
acquisitions mergers and acquisitions: during the previous crore. This helped the network to expand its presence in other
few years there has been over 30.000 mergers and Indian languages.
acquisitions transactions, equal to the completion of one deal
each 17 mins (faulkner, campbell, 2003). mergers and Reduction Of Debts
acquisitions have many capacity benefits, which specifically Consolidation with the purpose of reduction of debts has
attention on boosting profits and shareholder price thru: the been the key theme in the cement, steel and the power
economies of scale produced with the aid of increasing sectors. The recent acquisition of Debt-laden Bhushan Steel
market proportion; the elevated use of an present distribution Limited by Tata Steel Limited under the IBC regime in an
network by means of the acquisition of latest product talents; insolvency auction was a successful venture towards the
the extension of a sturdy product capability into new markets; reduction of debt in the company. Bhushan Steel Limited was
the diversification of product and market dangers. This is why amongst the 12 stressed assets referred to the National
mergers and acquisitions emerge as a critical tool for Company Law Tribunal (NCLT) proceedings by the RBI last
corporate development in nowadays worldwide marketplace, year.
which is characterized via consolidation, convergence, the
opposition for skills and generation, and the increasing Reforms In The Government Regulations
importance of such intangible belongings as know-how, Almost all relevant corporate laws/regulations in India have
competencies and patron relationships. been revamped in the last few years, be it the takeover code,
delisting regulations, Companies Act, and the Competition
Meaning Of Merger And Acquisition law. Tax Laws are continuously evolving and so are the Foreign
A merger or an acquisition in a company experience can be Exchange Management Act (FEMA) regulations, impacting
defined as the combination of two or more companies into one both the inbound and the outbound investments.
new company or corporation. Mergers and acquisitions, for
short involves the process of combining two companies into Tools And Technology Are Making An Impact
one The purpose of combining or greater groups is to attempt Corporations and firms are making greater use of new M&A
to gain synergy in which the complete (new company) is technology tools to assist with reporting and integration.
greater than the sum of its parts (the former two separate These tools are an effective strategy against conflicts, cost and
entities). time, likely key factors in making more deals work. For
example, there has been substantial growth in the virtual data
Mergers arise when two companies be part of forces. Such room providers that facilitate large M&A transactions
transactions commonly take place among corporations which annually. Intralinks is the industry's one of the leading virtual
can be approximately the equal length and which apprehend data rooms that facilitate more than 6500 high-stakes
blessings the alternative gives in phrases of growing income, transactions annually. 99% of the Global fortune 1000 has
efficiencies, and abilities. The phrases of the merger are often trusted Intralinks with their sensitive data and artificial
fairly pleasant and at the same time agreed to and the two intelligence makes their services more secure, easier and
companies turn out to be same partners inside the new faster.
undertaking.
Recent Trends In M&as In India
Acquisitions arise when one agency buys any other company Indian industries are undergoing structural changes in the
and folds it into its operations. Occasionally the acquisition is post liberalization period. Competitive pressures are high not
friendly and occasionally it's far adverse, depending on only due to deregulation but also due to globalization. As a
whether the agency being received believes it is higher off as part of the restructuring programme, the first merger wave in
a working unit of a bigger task. The end result of both India was underway in the second half of the 1990s. In terms of
strategies is the same; however the dating among the two M&A, India is one of the leading nations because of the
businesses differs primarily based on whether a merger or majority of the Indian Companies favoring Mergers and
acquisition took place Acquisitions.

Factors That Make India An Attractive Hub For Mergers M&A deals have increased in India since 1999, especially
And Amalgamations after Liberalization. During the years of 2000, 2007 and 2008
There have been various factors that contributed to the such deals declined due to the crisis of global credit.
Mergers and Amalgamation Activity in 2018. In today's The trend of M&A in India has been decreasing from 2000 to
market, the M&A activities are driven by the motive of 2008. Though by 2010, such deals hit a new peak. Since then,
consolidation and reduction of debts. Some of the identified Indian companies have considered M&As to be key in
reasons that make India an attractive hub include: corporate restructuring. Since 2010, there has been a
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PARIPEX - INDIAN JOURNAL OF RESEARCH | Volume - 11 | Issue - 03 |March - 2022 | PRINT ISSN No. 2250 - 1991 | DOI : 10.36106/paripex
c o n s i d e r a b l e i n c re a s e i n M & A d e a l s i n I n d i a . Cross-border 189 162 189
Till the recent past, the incidence of Indian entrepreneurs Internal Mergers and Restructuring 17 23 14
acquiring foreign enterprises was not so common. The Total 512 413 472
situation has undergone a sea change in the last couple of Source: Grant Thornton Annual Deal tracker
years. Acquisition of foreign companies by Indian
businesses has been the latest trend in the Indian corporate Table – 2: Deal Summary By Value Over 3 years ($Mn)
sector. The Indian IT and ITES sectors have already proved
Year 2016 2017 2018
their potential in the global market. The other Indian sectors
are also f ollowing the same trend. T he increased Domestic 12706 5834 34215
participation of the Indian companies in the global Cross border 27046 8140 38523
corporate sector has further facilitated the merger and Internal Mergers and Restructuring 3475 26451 17474
acquisition activities in India. Total 43227 40425 90212
Source: Grant Thornton Annual Deal tracker
Hit by sluggish economic trends, merger and acquisition
activities of Indian companies slowed down in 2013 to a total of Table – 3:Top M&A Deals In 2017-2018 In India
nearly 500 deals worth close to $30 billion, but the momentum Acquirer Target Sector Sub- Deal % of
is set to pick up in the New Year especially after the general sector Value stake
elections. HCL Internationa IT and ITEs Software 1800 100
Technolog l Business Develop
In comparison, Indian companies were involved in 598 M&A ies Limited Corp. (IBM)- ment
deals worth $35.4 billion in 2012 and 644 transactions worth 8 Software
$44.6 billion a year ago in 2011, shows an analysis of data Products
compiled by various deal-tracking firms. IDFC Capital First Financial NBFC 1460 NA
Services
According to Grant Thornton, there have been a total of 480 Tata Steel Bhushan Manufact Industrial 5515 73
deals amounting to $27.4 billion during 2013 involving Indian Limited Steel Limited uring Materials
companies, as on December 13, 2013. Hindustan GlaxoSmith Retail FMCG 4500 100
Unilever Kline
A few more deals have been announced since then. Global Limited Healthcare
deal-tracking firm merger market's India Bureau Chief Mithun Limited
Varkey said deals would be mostly driven by local
consumption story, especially in sectors like consumer Walmart Flipkart E- Retail 16000 77
durables and pharmaceuticals, during 2014. Inc Online Commerc
Services e
The Best Business Deals Of India In 2013 Private
1. Aditya Birla Chemicals (India) on 31 May 2013 decided to Limited
acquire CA&P Division of Solaris Chemtech Industries for Source: Grant Thornton Annual Deal Tracker
a total of 153 crore Rupees.
2. TVS Logistics Services Ltd. acquired a second company in HCL Technologies Limited- IBM 8 Software Products
the US called Wainwright Industries, the end-to-end This was the single largest acquisition by an Indian Information
supply chain provider. technology services company and a buyout that was unlike any
3. Abu Dhabi based Etihad Airways on 24 April 2013 made by risk-averse home-grown IT firms. Under the all-cash
confirmed taking over of 24 per cent minority stake in Jet deal, HCL proposed 1.475 billion dollars of its own cash and
Airways for 379 million dollars. borrowed 300 million dollars to finance the transaction. HCL
4. Educomp Solutions Ltd, on 26 March 2013 announced expected that the eight software products such as IBM Notes,
completion of the sale of its entire 50% stake in Eurokids Domino and Appscan, shall help it garner 625 million dollars in
International increasing its revenue in the 12 months after completion of the
5. Tata Steel Ltd. on 12 March 2013 announced that TSMC deal, which is expected to happen by mid of 2019.
acquired a stake in Canadian company Labrador for 163
crore of Rupees. IDFC BANK LIMITED- Capital First Limited
The IDFC Bank Capital First Limited merged effective 18th
Multinational companies (MNCs) have entered India with the December 2018. IDFC Bank and Non-Banking financial
help of Joint ventures or Acquisitions because of company (NBFC) capital first announced the completion of
Liberalization. their merger, creating a combined loan asset book of 1.03
lakh crore for the merged entity IDFC First Bank.
This has increased competition between local and foreign
firms greatly over the past few years. In 2018, nearly 70% of TATA STEEL LIMITED- Bhushan Steel Limited
the M&A activity included distressed deals. Tata Steel had announced the acquisition of Bhushan Steel
through its acquisition of Bhushan Steel (BSL) through its
This was enabled because of the Corporate Insolvency wholly-owned subsidiary Bamnipal Steel Limited, completing
Resolution Process (CIRP) under the Insolvency and the resolution of the first case under the Insolvency and the
Bankruptcy Code, 2016.Various foreign investments as part of Bankruptcy Code, 2016.
M&A deals were seen among various sectors and industries in
India in 2019. Tata Steel had acquired a controlling stake of 72.65% in
Bhushan Steel Limited and paid the admitted corporate
Another trend that has been seen since 2019 is that M&A deals insolvency costs and employee dues, as required under the
are quite popular in the start-up sector as well. Various Insolvency and the Bankruptcy Code ('IBC'). Further
reforms were introduced in 2019, which boosted the growth of settlement of the amounts equivalent to Rs.35, 200 crore
M&As in India. towards the financial creditors of BSL was undertaken, and
Rs.1200 crore to the operational creditors.
M&A Activity In The Last ThreeYears
Table – 1: Deal Summary By Volume Over 3Years Hindustan Unilever Limited-glaxosmithkline Healthcare
Year 2016 2017 2018 Limited
Domestic 306 228 269 In January 2019, CCI approved the amalgamation of
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PARIPEX - INDIAN JOURNAL OF RESEARCH | Volume - 11 | Issue - 03 |March - 2022 | PRINT ISSN No. 2250 - 1991 | DOI : 10.36106/paripex
GlaxoSmithKline Healthcare Limited (GSK) and Hindustan comprehensive omnichannel experience to consumers. For
Unilever Limited (HUL). Pursuant to the proposed instance, EdTech insurgent BYJU's has made over 11
combination HUL would enter into a non-exclusive acquisitions valued at over US$2 billion, of which
consignment selling agency arrangement with various GSK approximately $US1 billion went towards acquiring Aakash
entities in relation to the marketing and selling of certain over Educational Services, an offline test prep company, to build an
the counter medicinal products and oral healthcare products omnichannel learning offering for its test-prep vertical. Oyo,
in India, Bhutan, Nepal, for a period of five years. too, has entered much new geography to expand its scale of
operations.
Walmart Inc-flipkart Online Services Private Limited
US Retail giant Walmart Inc decided to pick up 77% stake in Top M&a Deals In India In 2021
India's largest online retailer Flipkart for 16 Billion dollars, in 1. Piramal Group acquires DHFL at US$4.7 billion:
what made the country's largest acquisition and world's In 2021, Piramal Group completed the acquisition of Dewan
biggest purchase of an e-commerce company. Housing and Finance Limited (DHFL) for US$4.7 billion, which
includes a cash component and non-convertible debentures.
The Most Popular And Major Mergers And Acquisitions
In 2019 2. Prosus acquires BillDesk for US$4.7 billion:
Ÿ Acquisition of Yatra with a majority stake of 71% for $337.8 The acquisition of Indian payments giant BillDesk by
(Mn) by Ebix Inc. technology investors Prosus NV was the largest merger and
Ÿ OYO acquires Innov8 for INR 220 Cr. acquisition deal in the Indian fintech industry. Prosus has its
Ÿ Acquisition of CloudCherry by Cisco. own Fintech business PayU. This acquisition will help PayU to
Ÿ Paytm Acquires travel startup NightStay. become one of the leading online payments providers,
Ÿ PayU Acquires Wibmo in a deal worth $70 (Mn) globally, with presence in over 20 markets and increased total
payments volume (TPV) of over US$4 billion.
The Most Popular And Major Mergers And Acquisitions
In 2020 3.adani Green Energy Limited (agel) Acquires Sb Energy
Ÿ ITC acquired 100% equity shares of Sunrise Foods Pvt. Ltd India:
for Rs. 2150 crores, all of which was paid in cash. In May 2021, AGEL completed the acquisition of SB Energy
Ÿ Facebook invested $5.7 billion in Jio Platforms for a 9.99% Holdings Limited (SB Energy India) in an all-cash deal worth
stake in Jio. US$3.5 billion. This is the largest acquisition in the renewable
Ÿ Zomato acquired Uber Eats for $350 million. However the energy sector in India.
deal was via stock exchange and Uber got 9.99% of
ownership in Zomato. 4.Tata Digital acquires BigBasket:
Ÿ RIL acquired 60% of Vitalic Health and acquired 100% In a bid to build its own SuperApp, Tata Digital acquired
ownership in Vitalic's subsidiaries which included Tresara India's biggest groceries delivery company BigBasket.
Health Pvt. Ltd and Netmeds MarketPlace Limited for Rs.
60 crores. 5.Merger between Sony Picture Network India and Zee
Ÿ Hindustan Unilever Limited merged with GlaxoSmithKline Entertainment Enterprises:
Consumer Limited and paid the latter Rs. 31,700 crore, plus Both companies have entered into an exclusive, non-binding
Rs. Rs3, 045 crore getting for itself the Horlicks trademark. term sheet, in order to combine their linear networks, digital
assets, production operations, and program libraries. The
INDIA'S MERGERS AND ACQUISITION TRENDS IN 2021 merged company would be a publicly listed company in India
The pandemic-led disruptions further augmented the role with Sony Pictures Entertainment holding the majority stake.
played by technology. This has been thoroughly leveraged by
start-ups and digital insurgents across sectors like finance, 6.PharmEasy acquires Thyrocare at US$610 million:
retail, technology, manufacturing, logistics, etc. It's no wonder PharmEasy has become the first Indian start-up to acquire a
then that India added over 55 unicorns in the past two years publicly listed company Thyrocare, which runs a chain of
alone. Major sectors that have emerged as lucrative hotspots diagnostic and preventive care laboratories. The acquisition
for acquisition activity include renewable energy, electric will enable PharmEasy to build an end-to-end healthcare
vehicles, consumer durables, EdTech, and Fintech. Favorable platform from a customer's point of view.
policy support as well as falling prices has made India an
attractive destination for renewable investments. CONCLUSION
With the FDI policies becoming more liberalized, Mergers,
It is reported that while most acquisitions were led by first- Acquisitions and alliance talks are heating up in India and are
time buyers, no mega deal over US$5 billion was struck in the growing with an ever-increasing cadence.They are no more limited
year 2021, unlike the trend in 2016-19. For the years 2020 and to one particular type of business. Through mergers and
2021, the percentage of first-time buyers has been the highest acquisitions, a company can develop competitive advantage and
compared to the percentage for the years 2016 till 2019. In ultimately increase shareholder value. The government's steps to
2021, the nature of deals was broad based, including more develop the Indian economy have increased the M&A deals in
mid-sized deals ranging from US$500 million to US$1 billion. India.Along with this,interest of Foreign Investors to invest in Indian
Two-thirds of these deals finalized by insurgents are stock- companies and the Indian market has also increased. This would
plus-cash transactions. Also, the nature of deals in the past 18- help India become a hub for foreign cross-border mergers.
24 months has been quite different from the years before.
Scope and capability deals accounted for nearly 46 percent of 2017-2018 has witnessed a plethora of M&A deals in India valuing
all strategic deals valued at above US$75 million that were Rs.90, 211 million dollar in 2018. The driving forces have
closed in 2021 – much higher than in 2020 (36 percent) and generally been India's rising International appeal, Easing of FDI
2019 (31 percent). Scope deals (acquisitions outside a norms in India, and reforms in the existing regulatory framework
company's core business) are steadily growing their share of and the burgeoning consumer spending. 2018 being the
deal volumes, often addressing disruptive themes, such as blockbuster year for the M&A deals have given high hopes and
digital or renewable. expectations for 2019. If India Inc continues to grow at this rate
which makes mergers and investments favorable, sooner India
Another notable trend observed in 2021 is the rapid will turn out to be one of the biggest business destinations.
ex p a n s i o n o f i n d u s t r y i n s u rge n t s a c ro s s s e c t o r s ,
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