Recent Trends in Mergers and Acquisitions in India (2024)

Merger and Acquisitions of Companies in India
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Article by Varsha Chamakura, Edited by Adhip Ray. Subsequent Revisions made by independent authors to keep the article up-to-date.

The concept of Mergers and Acquisitions (M&A) has attracted the corporate sphere all over the world. Mergers and acquisitions (M&A) activity in India is no different. 

M&A culture in India increased over the years, after the removal of constrictive arrangements and liberalisation of the Indian economy.

M&As are strategic tools that are used for the development of the economy. 

This is done by expanding to low cost markets or emerging markets, especially those which have a high number of skilled workers or by acquiring well established corporate entities. 

M&A culture in India has been prevalent since 2015, and has only become grown in popularity over the years. 

M&As is most common in the sectors of Energy, Mining and Utilities, followed by Telecommunication, Consumer Durables and Pharmaceuticals. However, key point to note is that there is no restriction regarding the industries which can conduct mergers. Even law firms often merge into one as part of their marketing plans, to serve more clients in different target markets.

What is a Merger? 

A merger is an agreement between two or more corporate firms, to create a new entity by exchange of shareholding.

It is a transaction where two or more corporations pool their resources and operations, and combined to form a single corporation.

It can also refer to an event where the assets and liabilities of two or more corporate organisations are invested in another organisation, which is the merged organisation. 

A merger is basically a mutually agreed decision of organisations for the joint ownership of a corporate entity. 

Merger in simple terms means the combination of two or more corporations into one single organisation.

In India, laws do not use the term merger, rather they use the word “amalgamation”. 

Section 2(1B) of the Income Tax Act, 1961 defines amalgamation as the “merger of either one or more companies with another company or merger of two or more companies to form one company in such a manner that: 

  • All the property/liability of the amalgamating company/companies becomes the property/liability of amalgamated company.
  • Shareholders holding minimum 75% of the value of shares in the amalgamating company (other than shares already held therein immediately before the amalgamation by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company”.

What is an Acquisition? 

An Acquisition means the process by which a company purchases another company or gains a majority in another organisation. 

One firm takes ownership of another corporate firm because of this. Acquisitions are commonly known as Takeovers. 

An acquisition takes place when an organisation’s capital resources are utilized. Such capital resources include debt, cash, stock, etc.

It involves two parties; the acquiring party and the acquired party. 

Acquiring party is the one that buys the majority of shares or gains ownership of the acquired company.

Acquired party is the one that surrenders their majority of shares or ownership of the acquiring company.

The latest trend in the Indian Corporate sector is the acquisition of Foreign companies by the Indian businesses. 

For international entrepreneurs and businesses looking to capitalize on the opportunities in India or elsewhere, setting up a company in the US or the UK can provide a strategic advantage.
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The latest trend in the Indian Corporate sector is the acquisition of Foreign companies by the Indian businesses. 

Types of Acquisitions

There are generally 4 types of acquisitions –

  • Friendly,
  • Hostile,
  • backflip and
  • Reverse takeover.

A friendly acquisition is when both the acquiring and acquired parties willingly corporate in negotiations and in the process of takeover. 

While a hostile acquisition is one when the acquired party is not willing to sell or when the acquired party’s board members have no knowledge of such an offer. 

Generally, acquisitions refer to the buying of smaller corporate organisations by larger corporate firms. 

However, when a small unlisted private company acquires a larger and well established listed public company, it is called reverse takeover. This takeover can be either friendly or hostile. This is mainly done to achieve listing status. 

When a bidding company becomes the subsidiary of the acquired company, it is called Backflip takeover. 

Backflip takeover is one where a bidding company becomes the subsidiary of the taken over company. The main reason for such a takeover is to have the advantage of the brand value of the taken over firm. 

In the dynamic landscape of mergers and acquisitions, understanding the nuances of company formation and expansion is key.

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Types of Mergers 

There are generally 4 types of mergers – Horizontal, Vertical, Concentric, Conglomerate. 

If two or more companies that are involved in the same business activity and are competitors merge together, it is called Horizontal Merger. If these companies are in direct competition for the same product type and market and merge together, it would be horizontal merger. 

The main benefit of this kind of merger is that it eliminates competition and helps the firm to increase its market share, customer base, revenue and profits. 

It increases cost efficiency, as wasteful activities are removed from operations. If two or more companies that are involved in different stages of the operation of manufacturing merge together, it is called Vertical merger. 

If a supplier firm merges with a customer firm, it would be a vertical merger. 

This kind of merger is usually adopted to secure the supply of essential goods, and avoid any disruption and interruption in supply of goods.

They offer a high margin of profit and also cost saving, since manufacturers share is no longer there. This is opted for the smooth supply of raw materials to the acquiring party. 

If two or more companies that operate in the same industry but not in the same line of products of business merger together, it is called Concentric merger. After such a merger, a new company is formed all together so as to become more competitive. This also helps increase the customer base. 

Such mergers offer opportunities to corporate firms to venture into other areas of the industries to reduce risk and more access to resources. Markets that were unavailable before would also be available now. 

If two or more companies that have no common business areas or no common business activity merge together, it is called Conglomerate merger. 

This merger is usually adopted to diversify into new industries, which helps reduce risks. The main risk of such a merger is the sudden shift in business operations. Such a merger is further divided into Pure Conglomerate and Mixed Conglomerate merger. 

When both companies have nothing in common, business operations of both companies are unrelated, it is called Pure Conglomerate merger. 

When both companies merge together to expand customer or market base, it is called Mixed Conglomerate merger. 

When both companies merge together to expand customer or market base, it is called Mixed Conglomerate merger. 

M&A Recent Trends in India 

In terms of M&A, India is one of the leading nations because of the majority of the Indian Companies favouring Mergers and Acquisitions. 

M&A deals increased in India since 1999, especially after Liberalization. During the years of 2000, 2007 and 2008 such deals declined due to the crisis of the global credit. 

The trend of M&A in India has been decreasing from 2000 to 2008. Though by 2010, such deals hit a new peak. Since then, Indian companies have considered M&As to be key in corporate restructuring.

Since 2010, there has been a considerable increase in M&A deals in India. 

Multinational companies (MNCs) have entered India with the help of Joint ventures or Acquisitions because of Liberalisation. 

This has increased competition between local and foreign firms greatly over the past few years.

In 2018, nearly 70% of the M&A activity included distresses deals. However this has changed and now there are a lot of acquisitions in businesses focusing on clean-tech and solar energy.

This was enabled because of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. 

Various foreign investments as part of M&A deals, were seen among various sectors and industries in India in 2024.

Another trend that has been seen since 2019 is that M&A deals quite popular in the start-up sector as well. 

Various reforms were introduced since 2019, which boosted the growth of M&As in India. Such reforms included – 

  • New framework by SEBI on the aspect of issuance of Shares with Differential Voting Rights. This enables organisations and its members to receive investment without losing any control. 
  • Tax incentives and exemptions were granted to all registered start-ups, which increases M&As in the start-up sector. 
  • Reform of Corporate Income Tax rates reduction has made India to be a high in investment all over the world, which would increase M&As in all sectors. 
  • The PLI Scheme introduced in the third quarter of 2021, that is ongoing in 2024 also caused a floodgate of investments to pour in from foreign companies, which resulted in a lot of mergers and acquisitions.
  • The budget of 2021-22, 2022-23 as well as 2023-2024 had a very favourable reception by industrialists throughout the world.
  • India’s ongoing tryst with privatisation also seems to motivate businesses in acquiring the businesses and set up shop in India.
  • M&A deal value in India reduced to US$136 billion in 2023 from US$186 billion in 2022. A key reason for this was India’s cancellation of several of the investor treaties that it was a part of.
  • India recently inked a $100 billion investment deal with EFTA, whereby EFTA promised to invest over $100 billion in India over a period of 15 years, provided India opened up its market via a free trade agreement on certain goods and services.

In light of recent reforms boosting M&A activities, businesses seeking to capitalize on these opportunities need a reliable partner for expanding into new markets.

India's ongoing tryst with privatisation also seems to motivate businesses in acquiring the businesses and set up shop in India.

There were many M&A deals last year, but these are the most popular and of great importance – 

  • Acquisition of Yatra with a majority stake of 71% for $337.8 Mn by Ebix Inc.
  • OYO acquires Innov8 for INR 220 Cr.
  • Acquisition of CloudCherry by Cisco.
  • Paytm Acquires travel startup NightStay.
  • PayU Acquires Wibmo in a deal worth $70 Mn.
  • ITC acquired 100% equity shares of Sunrise Foods Pvt. Ltd for Rs. 2150 crores, all of which was paid in cash.
  • Facebook invested $5.7 billion in Jio Platforms for a 9.99% stake in Jio.
  • Zomato acquired Uber Eats for $350 million. However the deal was via stock exchange and Uber got 9.99% of ownership in Zomato.
  • RIL acquired 60% of Vitalic Health and acquired 100% ownership in Vitalic’s subsidiaries which included Tresara Health Pvt. Ltd and Netmeds Market Place Limited for Rs. 60 crores.
  • Hindustan Unilever Limited merged with GlaxoSmithKline Consumer Limited and paid the latter Rs. 31,700 crore, plus Rs. Rs3,045 crore getting for itself the Horlicks trademark.
  • Prosus acquired Indian payment service provider BillDesk for $4.7 billion.
  • Adani Green Energy Limited acquired SB Energy Holdings Limited (SB Energy India) for $3.5 billion, all of which was paid in cash.
  • Thyrocare was bought by PharmEasy for $610 million.
  • Tata Sons acquired Air India for ₹18,000 crore. Of the sum, ₹2,700 crore was to be paid to the Government in cash and ₹15,300 crore of Air India’s debt was to be taken over by the Tata Sons.
  • Byju acquired Aakash Educational Services for around $1 billion in a cash equity (70:30) deal.
  • Merger between Tata Group and Air India: Tata Group acquired Air India for a value of $2.4 billion or Indian Rupees 18000 crore, wherein INR 2700 crore was paid upfront and INR 15,300 of debt was taken up by Tata Sons. Further, Tata Group also announced a merger between Air India and Vistara, whereby Singapore Airlines (the owner of 49% of Vistara equity) will get ownership of 25.1% of the combined merged entity.
  • Adani Group – NDTV merger: Adani Group, had already held an ownership of 29.18% equity stake in NDTV via an indirect subsidiary (RRPR). Via this acquisition, RRPR bought 27.26% equity stake in NDTV owned by its founders, at a price of INR 342.65 per share, for a total sale value of around INR 602.30 crore.
  • HDFC Limited – HDFC BANK Merger – HDFC Bank and HDFC Ltd are merging to create a financial services conglomerate. The merger is expected to be completed by the end of 2022. The merger ratio is 25 HDFC shares for 42 HDFC Bank shares. The merger will create a banking behemoth with a market capitalisation of Rs 14 lakh crore.
  • Zomato – Blinkit merger – Zomato and Blinkit have reached an agreement for a merger. The all-stock deal values Blinkit between $700 million and $750 million. Blinkit, formerly known as Grofers, has recently revamped itself to focus on an instant grocery delivery portal.
  • Acquisition of Ambuja Cement by Adani – Adani Group has acquired a 72.3% stake in Ambuja Cements Limited from Holcim Group for Rs. 24,680 crore ($3.3 billion). The acquisition was completed in March 2022. Ambuja Cements Limited is a cement manufacturing company in India that is part of the global LafargeHolcim group. The acquisition will help Adani Group to expand its footprint in the cement industry and strengthen its position in the Indian market. However, post the Hindenburg research paper, Adani group is planning on pre-paying its debts and may sell off this acquisition to gather funds to make the prepayment.
  • 2024 started off well, with a 78% jump in M&A activity in January, 2024, to touch $6.3 billion.
  • Reliance’s Media Merger with Disney India Reliance’s media companies have initiated a landmark merger with Disney India, valued at around $8.5 billion combined. This consolidation is poised to expand Reliance’s foothold in the Indian media landscape, blending Disney’s rich content portfolio with Reliance’s distribution networks. However, the challenge lies in navigating regulatory scrutiny, as such massive media consolidations often invite close examination of monopoly risks.
  • Sony and Zee Entertainment: A Deal That Fell Apart Sony’s planned $10 billion merger with Zee Entertainment was poised to reshape the Indian entertainment industry but was scrapped due to Zee’s inability to meet closing conditions stipulated in the merger agreement. This setback underlines the delicate balance between strategic vision and operational readiness. It also highlights how critical due diligence and regulatory compliance are in high-stakes M&A deals.
  • Air India and Vistara Merger Gets Singapore’s Approval Singapore recently gave a green light to the much-anticipated merger between Air India and Vistara, under the condition that the parties maintain pre-COVID capacity levels. The agreement also mandates independent auditors to ensure compliance with these commitments, requiring annual reports from the companies. While this merger can significantly bolster Tata Group’s airline ambitions, maintaining profitability amid strict capacity controls presents a challenge in the post-COVID travel landscape.
  • Tech Mahindra’s Internal Consolidation In a move to streamline operations, Tech Mahindra’s board approved the merger of three wholly-owned subsidiaries, namely Perigord Premedia (India) Private Limited, Perigord Data Solutions (India) Private Limited, and Tech Mahindra Cerium Private Limited. This internal consolidation aims to improve operational efficiency and reduce redundancies. However, managing internal synergies effectively will be crucial to ensure the desired cost benefits and productivity gains.
  • Startups Exploring Mergers for Better Valuations Several Indian startups, including Pine Labs, Zepto, and Meesho, are considering merging their Singapore holding companies with their operational entities in India. This strategic move is driven by the high valuations that India’s capital markets may offer. While this could unlock significant financial value, it also exposes these companies to greater regulatory complexities in India’s market, which may affect their long-term growth.
  • Future Group and Reliance Industries Reliance Industries Limited (RIL) completed its $3.4 billion acquisition of Future Group’s retail, wholesale, logistics, and warehousing businesses. This acquisition enhances Reliance Retail’s dominance in the Indian market, significantly expanding its physical and logistics footprint. The strategic benefit is clear: Reliance can now integrate Future Group’s established network with its own, creating a retail powerhouse. However, integrating such a large acquisition brings challenges related to harmonizing operations, managing the workforce, and maintaining consistent customer experiences across all acquired assets.
  • Tesla and Tata Motors Partnership In a groundbreaking collaboration, Tesla acquired a 20% stake in Tata Motors’ electric vehicle (EV) division for $2 billion. This move is expected to accelerate the adoption of EVs in India, with Tesla’s cutting-edge battery and autonomous technology being integrated into Tata’s lineup. The pros are obvious: Tesla gains a strategic entry into India’s rapidly growing EV market, while Tata Motors can leverage Tesla’s technological edge. However, the challenge will be navigating India’s infrastructure limitations for EVs, which could slow down the mass adoption of these vehicles.
  • Tata Group’s Acquisition and Merger of Air India and Vistara Tata Group’s acquisition of Air India for $2.4 billion is a monumental deal in India’s aviation sector. The subsequent merger with Vistara, which involves Singapore Airlines holding a 25.1% stake in the merged entity, is likely to create a dominant player in the Indian skies. This merger offers significant scale benefits and could improve operational synergies. However, integrating two major airlines with different organizational cultures and customer bases poses substantial operational and financial risks.
  • Adani Group’s Acquisition of NDTV Adani Group’s acquisition of NDTV, following its purchase of an additional 27.26% stake, reflects the conglomerate’s growing interest in the media space. Valued at Rs. 602.30 crore, this deal raises questions about editorial independence given Adani’s significant business interests across industries. While the acquisition strengthens Adani’s media footprint, it also opens up potential complications around media integrity and the group’s influence on news reporting.
  • Zomato and Blinkit Merger The all-stock deal between Zomato and Blinkit, valued between $700 million and $750 million, marks a significant consolidation in India’s fast-growing food and grocery delivery space. This merger allows Zomato to expand into the instant grocery delivery market, enhancing its service portfolio. The challenge lies in efficiently integrating Blinkit’s logistics and technology with Zomato’s existing operations, a critical factor in maintaining market leadership amid intense competition from players like Swiggy.
  • Kotak Mahindra Bank and Sonata Finance Acquisition Kotak Mahindra Bank’s Rs. 537 crore acquisition of Sonata Finance represents a strategic move into the non-banking financial sector (NBFC) with a focus on microfinance. This acquisition allows Kotak to tap into underserved rural and semi-urban markets, offering growth potential. However, NBFCs come with their own risks, including loan defaults and regulatory challenges, particularly in the volatile microfinance sector.
  • Brookfield’s Investment in Rostrum Realty Brookfield Asset Management’s purchase of a 51% stake in Rostrum Realty for Rs. 5,000 crores is part of its broader strategy to expand its presence in India’s real estate market. This acquisition gives Brookfield control over key assets in a joint venture with Bharti Enterprises. While the deal strengthens Brookfield’s portfolio, the Indian real estate market’s cyclical nature and regulatory hurdles could pose long-term risks to its returns.
  • IDFC First Bank and IDFC Limited Merger The merger between IDFC First Bank and IDFC Limited streamlines corporate structures and strengthens regulatory compliance. The agreed share exchange ratio offers a fair valuation for both entities. This merger is expected to enhance operational efficiencies and governance. However, achieving the desired synergies and navigating the complex regulatory environment will be critical to ensuring the long-term success of this union.

The second quarter of 2024 marked an extraordinary period for mergers and acquisitions (M&A), private equity (PE) deals, and public offerings in India. According to Grant Thornton Bharat’s Dealtracker report, Q2 2024 witnessed 501 deals valued at $21.4 billion, the highest quarterly volume since Q2 2022. While the overall value of M&A and PE deals fell by 28% compared to Q1 2024, the sheer volume of transactions signaled strong confidence in India’s domestic investment climate, particularly in sectors like pharmaceuticals, manufacturing, and renewable energy.

This surge in deal activity was driven by several factors, including political stability, clarity around economic policies, and a domestic focus among Indian corporates. However, this quarter also highlighted a notable decline in cross-border transactions, influenced by global geopolitical uncertainties. Below is a comprehensive breakdown of the financial and legal intricacies that shaped the M&A, PE, and public markets in Q2 2024.

Mergers and Acquisitions (M&A) Overview

1. Domestic Deals Take the Lead

M&A activity in Q2 2024 was driven primarily by domestic deals, with 132 transactions worth $6.2 billion, a sharp contrast to the significant decline in cross-border deals. Domestic M&A deals increased by 29% in volume, and their total value grew 2.5 times compared to Q1 2024, primarily fueled by strategic acquisitions within traditional sectors like industrial materials, pharmaceuticals, and infrastructure.

Notably, four high-value acquisitions by the Adani Group, particularly in the industrial materials and ports sectors, accounted for 52% of total M&A value in Q2 2024. Adani’s acquisition spree underscores a trend toward consolidation in capital-intensive sectors, aiming to solidify market control. From a legal standpoint, Adani’s acquisitions raise potential regulatory concerns related to market dominance, especially given the scale of these transactions. Such consolidations may attract scrutiny under India’s competition laws, particularly from the Competition Commission of India (CCI), which monitors anti-competitive practices.

2. Cross-Border Deals on the Decline

Cross-border M&A activity suffered a sharp decline in Q2 2024, with volumes falling by 24% and values dropping by 85% compared to the previous quarter. This sharp decline can be attributed to heightened geopolitical tensions, particularly involving key global economies like the U.S. and China. The legal and financial complexities surrounding cross-border transactions, including regulatory approvals and compliance with international trade laws, have caused many firms to adopt a more cautious approach.

3. Highlight Deal: Ambuja Cement’s Acquisition of Penna Cements

One of the standout deals of the quarter was Ambuja Cement’s $1.3 billion acquisition of Penna Cements. This transaction, which boosts Adani Cement’s market share by 2% across India and 8% in South India, showcases the strategic importance of consolidation within the cement sector. The deal’s value will increase Ambuja’s geographic reach, especially in the southern Indian states. From a legal standpoint, this acquisition also highlights the need for meticulous compliance with India’s environmental regulations, given the industrial nature of the business.

Private Equity (PE) Surge

1. PE Deal Growth in Value and Volume

Private equity activity saw a remarkable surge in Q2 2024, with 335 deals totaling $8.7 billion. This marks a 9% increase in volume and a 55% increase in value from Q1 2024. The uptick in high-value deals (over $100 million) suggests a strategic shift among investors towards established companies with proven business models. PE firms are looking to capitalize on India’s fast-growing sectors like electric vehicles (EVs), pharma, and renewable energy, all of which are poised for long-term growth. This strategy also reduces risk, as investors are putting money into firms with solid financial histories and established market positions.

2. Investor Focus: Large Deals Dominate Value

Despite small-ticket deals (under $7 million) making up 53% of the deal volume, they contributed only 4% to the total value, underscoring the concentration of capital in larger, more established companies. PE firms increasingly prefer larger investments in established firms, which are viewed as safer bets given the current economic and geopolitical uncertainties. This strategic shift is mirrored in significant investments such as:

  • Zepto ($665 million)
  • Lenskart ($200 million)
  • Apollo Health and Meesho ($275 million each)

From a legal perspective, these deals often involve complex equity structuring and require compliance with regulatory approvals, especially when PE investors acquire significant stakes that might trigger takeover code provisions or require foreign direct investment (FDI) clearance from the Reserve Bank of India (RBI).

Qualified Institutional Placements (QIPs) and Initial Public Offerings (IPOs)

1. QIP Activity Hits New Heights

Q2 2024 saw a strong rebound in QIP activity, with 20 QIPs raising $2.3 billion, the highest level since Q4 2017. The increase in both volume and value suggests that institutional investors are increasingly confident in the Indian equity markets. QIPs remain a favored route for companies to raise quick capital while avoiding the lengthy regulatory approval processes that accompany public offerings.

2. IPO Market: Bigger but Fewer

The IPO market in Q2 2024 also saw substantial activity, with 14 IPOs totaling $4.2 billion. While the number of IPOs declined by 42% compared to Q1 2024, the average IPO size increased significantly. This trend reflects a growing preference for larger, more robust IPOs, particularly in sectors like e-commerce and pharmaceuticals. The larger IPOs signal a healthy appetite among institutional investors for high-growth companies.

1. Pharmaceuticals and Manufacturing: Leaders in Value

Traditional sectors like pharmaceuticals and manufacturing played a crucial role in Q2 2024’s deal landscape, contributing nearly half of the total deal value. The pharmaceutical sector alone recorded $3.8 billion across 53 deals, driven by 10 high-value transactions that constituted 86% of the sector’s total value. High demand for health tech and medical devices led the sector in terms of deal volumes, while the manufacturing sector saw a 9x increase in value due to three major deals by the Adani Group in the industrial materials space.

2. Emerging Focus: Energy, Renewables, and EVs

Sector-specific niches like energy, renewables, and electric vehicles also witnessed increased deal flow. These sectors are vital to India’s long-term growth, given the country’s commitment to reducing carbon emissions and increasing the share of renewables in its energy mix. The rise in M&A and PE activity in these sectors underscores investor confidence in sustainable industries, which are likely to receive continued government support through favorable policies and incentives.

From a legal standpoint, the surge in M&A and PE activity in Q2 2024 raises several regulatory and compliance challenges. The Competition Commission of India (CCI) will likely increase its scrutiny of high-value domestic deals, especially in sectors where a few players dominate the market. Additionally, cross-border deals, despite their decline, will need to comply with both Indian and foreign regulatory frameworks, including FDI norms and anti-trust laws. Companies involved in large deals must also ensure compliance with the Securities and Exchange Board of India (SEBI) regulations, especially concerning disclosure requirements in public markets.

Conclusion 

The government’s steps to develop the Indian economy has increased the M&A deals in India. Along with this, interest of Foreign Investors to invest in Indian companies and Indian market has also increased. 

This would help India become a hub for foreign cross-border mergers. Though it has increased competition among MNCs and local businesses which has also led to the downfall of many Indian companies.

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Before embarking on the journey of Mergers and Acquisitions or setting up a new venture, it’s crucial to understand the legal framework and requirements for company formation.

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Author Bio:  Varsha Chamakura is a BA, LLB(H) student at Symbiosis Law School Hyderabad. Connect with her on LinkedIn. This article has been subsequently edited and kept up-to-date by independent WinSavvy authors.

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