The Influential Law Firms in Maharashtra 2019

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M&A Boom in India Recent Trends and a Bit of Crystal Ball Gazing Prashant Kataria Partner 30| June 2019|
Trending Now The M&A scene in India has being growing from strength to strength with Indian companies logging an astounding USD 129 billion in M&A deals in 2018, of which inbound M&As formed USD 55.8 billion (Livemint, January 2019). This goes on to not only show the robust domestic market but also the faith of foreign investors in the Indian markets as a whole. Some of the marqee deals which resulted in these impressive numbers are the USD 16 billion acquisition of Flipkart by Walmart, USD 7.5 billion acquisition of Tata Steel BSL Ltd by Bamnipal Steel Ltd, USD 6.2 billion acquisition of Indus Towers Ltd by Bharti Infratel Ltd, USD 3.8 billion acquisition of certain health drink brands of GlaxoSmithKline Consumer Healthcare Ltd by Hindustan Unilever, amongst others. What are the reasons for such a boom, one may ask. To answer this question, one needs to delve a bit into what drives M&As in general and what have been the considerations driving it in India. M&As are usually fuelled primarily by factors like (i) the desire for rapid inorganic growth, (ii) wish to reduce dependence on external parties in the supply chain via backward or forward integration, (iii) anti-trust provisions, (iv) consolidation due to competition, (v) hiving-off non-core businesses and assets for debt reduction (especially given the liquidity crunch in the market), (vi) bringing economies of scale, (vii) acquisition of ready-to-use ‘mission-critical’ technology, (viii) access to new markets, amongst others. Let us now analyse some of the trends which have emerged in recent times in the M&A space in India. Trends & Future A couple of trends which have emerged during the past year in the M&A space which have been fuelling the space, and which ought to be scrutinised closely to look into the future and for a better understanding of the ‘layof-the-land’ are: (i) A bulk of M&A deals concluded, and expected to be consummated in the future, are based on the bedrock of ‘consolidation’. Companies understand About the Author Prashant Kataria is a Partner at Lexygen, a Bangaloreheadquartered law firm (with an office in Singapore) with a pan- Indian focus on providing services connected with M&As, Joint Ventures, general corporate commercial services, PE/VC and Project Finance, and an alumnus of the prestigious National Law School of India University, Bangalore. He has over 15 years of legal transactional experience in the areas of M&A, private equity, venture capital, and infrastructure privatization projects. Over the course of his career he has garnered significant experience advising several corporates on diverse corporate-commercial matters, including employment/labor law, real estate leases, trademark licensing, telecom regulatory, and so on. |June 2019 |31
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Page 7 and 8: CONTENTS CXO 30 42 TRENDING NOW M&A
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