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back to index backASIAtalk May,  2007


India breaks into top 10 M&A league

The M&A fever seems to be scaling new heights. India has now broken into the league of top 10 markets globally for M&As in the first quarter of this calendar year.

India became the world’s eighth largest market in the first quarter of 2007 — an improvement over the 11th rank in calendar year 2006. According to Alan S Alpert, managing partner (M&A transaction services), Deloitte Tax LLP, there has been a substantial increase in M&A in India. Inbound M&A (into India) and local M&A have been growing.

The Vodafone Hutch accounted for the majority of the gains in the first quarter. Also the number of M&A transactions by Indian companies overseas has gone up substantially. The US and the UK continues to be the number one and two M&A market. According to Thomson Financial, in the first quarter India saw inbound and local deals of $25.581 billion.

These figures do not include the outbound deals which have been increasing at a fast pace in the last couple of years. The figures for the first quarter are 83% higher than that of the full year figures of last year which were at $13.97 billion.

In the first quarter India pipped markets like France (2006: $76.8 billion, 2007: $24.79 billion), Italy (2006: $17.40 billion, 2007: $14.79 billion), Luxembourg (2006: $34.65 billion, 2007: $2.5 billion). According to Mr Alpert, India has now surpassed China and South Korea in the Asian M&A league table and is behind only behind Japan.

He added that the global M&A saw record levels of deals worth $3.7 trillion in 2006. However, there has been a shift in the participants in the M&A market. Around three to four years ago private equity players contributed to around 10% of the deals. In 2006 however, this has now changed to 25%. PEs have been gaining force on the back of liquidity and a stable economy.

That could be the reason why players like Deloitte have launched a dedicated private equity practice here — Deloitte Corporate Finance Services India. The team in India is led by managing director Sandeep Gill and director Bomal Modi. Both were earlier part of the corporate finance practice of Deloitte & Touche LLP In London.

According to officials, many of the bigger private equity overseas wanted the firm to kick of its operations in India so that they can service them. Over the last couple of years a host of global private equity players like Blackstone, 3i, Providence Equity Partners have entered the country.

We are one of the only firm which serve the entire spectrum — strategy, identification of targets, deal execution (due diligence, tax provisions), integration and sale,” said Chris Ward, global head, corporate finance & advisory of Deloitte. Asia Pacific will lead Deloitte’s global growth over the next five years. India is one of the fastest growing economies and is strategic to Deloitte’s growth plans.

Source: BizNews India - GAI


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