India Inc. Tapped 26 M&A Deals In October - Grant Thornton

Author: Avijit Bajpai

Though Indian economy is touted to be perturbed by the ongoing global economic recession, India Inc. has penned as many as 26 mergers and acquisitions deals, worth a whopping USD 2.13 billion, in the month of October alone, a research report from Grant Thornton revealed.

The most notable deals of the month of October were Telenor’s USD 1.36 billion majority stake acquisition in Unitech Wireless and acquisition of Citigroup Global Services for USD 510 million by TCS.

The month of October had witnessed several downturns in world economy, which includes massive job-cuts, owing to shut-down of key finance companies, the news of 26 M&As is itself serve as a testimony for the immunity of Indian economy from the current credit crunch; however, some adverse impacts can be observed on India’s finance sector, the effects are not as pronounced as in the other regions of the globe.

The value of M&As have soared almost four times as against the deals recorded in the month of October last year, which was around USD 600 million.

BPO, Pharma, and IT sectors would hold a top-notch in Indian economy in terms of mergers and acquisitions, and analysts have speculated a number of other such deals on the cards in foreseeable future.