Corporate Grapevine     

Published: March 31, 2024
Updated: March 31, 2024

India Inc loses yen for M&As

Barring the Adani group, not many in India Inc are currently in the mood for acquisitions. The wars in Ukraine and Gaza, rising interest rates and the nearing general elections in India are making Indian companies keep a strict eye on their cash.

In the first quarter ending March 2024, M&A deals in value terms is expected to fall by 43 per cent when compared to same period of last year. CEOs say that once the new government in place, there will be several transactions that may take place, including sale of stakes in Vedanta entities – the group is listing its five businesses — and by others. The Tata group is looking at several targets but has not finalised any deal. Tata has already bowed out of race to buy Bisleri but is keen to buy a stake in Haldiram -- if the promoters agree to a sale.

The Ambani group’s Reliance Industries, fresh from merging Viacom18 with Star India, is also looking at options but is equally keeping an eye overseas.

However, apart from these top five groups, other companies are keeping a low profile.