YEAR 2020

Merger and acquisition (M&A) activities in India witnessed a downtrend in

the first half of 2020 with total deal value touching a three-year low, largely
owing to liquidity crunch in the wake of coronavirus pandemic, says a report.
According to Refinitiv, formerly the Financial & Risk business of Thomson
Reuters, India Inc's M&A deals fell to a three-year low of $38.1 billion in the
first half of 2020, a 14.1 per cent decline compared to the first half of 2019.
Similar to deal values, number of deals also witnessed a 22.7 per cent decline
on the back of 25.8 per cent fall in domestic M&A deals.
India-targeted M&A stood at $35.1 billion, down 14.5 per cent from the same
period last year, the lowest first half period since 2017, the report said.
Domestic M&A activity also dropped by 25.8 per cent in value compared to
last year and totaled $17.9 billion as number of announced domestic deals fell
19.9 per cent from a year ago.

Facebook stake purchase in Reliance Industries' Jio Platforms is the largest

India-involved deal so far this year. This brings India inbound M&A activity to
$17.3 billion, up 1.6 per cent from the first half of last year, as per the report.
On April 22, social media giant Facebook, through its wholly-owned
subsidiary Jaadhu Holdings LLC, announced an investment of $5.7 billion (Rs
43,574 crore) to acquire a 9.9 percent stake in billionaire Mukesh Ambani's
telecom arm Jio Platforms. This is the largest investment for a minority stake
by a technology company anywhere in the world and the largest FDI in the
technology sector in India, RIL had said in a statement.

Mergers and Acquisitions in India 2020

S. No. Merger Company Remarks

Silver Lake – 1.75% stake (7500cr.)

Reliance Retail Ventures
1.
Stake
KKR- 1.28% equity (5500 cr.)

IT firm Infosys annunced it signed a definitive

Infosys to buy Czech
agreement to acquire GuideVision, an enterprise
2. consultancy firm
service management consultancy for up to 30
GuideVision
million euros including earn-out and bonuses.
 Byte Dance a Chinese Company which owns a
TikTok to merge with popular video-sharing app called TikTok in its
3.
Oracle recent merger deals choose Oracle a US-based
firm.

Global software major Infosys 3rd September

announced it has acquired U.S.-based product
Infosys acquires product
design firm Kaleidoscope Innovation for $42
4. design firm Kaleidoscope
million to expand its engineering service offerings
Innovation
in medical devices, consumer and industrial
markets across America.

Bharti AXA’s non-life insurance business will

merge with ICICI Lombard’s general insurance
ICICI Lombard to acquire
business through a scheme of arrangement.
5. Bharti AXA General
Bharti Enterprises currently owns 51 per cent
Insurance
stake in Bharti AXA General Insurance, while
French insurer AXA has 49 per cent.

Reliance Industries Limited through its wholly-

owned subsidiary Reliance Retail Ventures Limited
Reliance Retail acquires
(RRVL) has acquired majority equity stake in
6. majority stake in
Chennai-based Vitalic Health Pvt. Ltd. and its
Netmeds
subsidiaries (collectively known as ‘Netmeds’) for
approximately ₹620 crores in cash.

LIC purchased 105.98 crore shares, reflecting

4.23 per cent stake. Prior to this, LIC had 0.75
LIC acquires 5% stake in
7. per cent stake in Yes Bank though 19 crore
YES Bank
shares held. LIC holding in the bank increased to
4.98 per cent through 125 crore shares held.

Gautam Adani-led Adani Group is set to acquire a

74 per cent stake in Mumbai International Airport
Adani Group to acquire
(MIAL), which operates the country’s second-
8. 74% stake in Mumbai
largest airport, with the current operator settling
International Airport
its disputes with its minority partner and exiting
the venture.

9. Reliance Retail acquires Reliance Retail Ventures Ltd (RRVL), a subsidiary

Future Group’s retail of Mukesh Ambani-controlled Reliance Industries
 Ltd (RIL), has acquired Future Group’s retail and
business wholesale business, and logistics and
warehousing business for ₹24,713 crore.

Global investment firm KKR will buy a 54% equity

KKR to buy 54% Stake in
stake in JB Chemicals and Pharmaceuticals, a
10. JB Chemicals and
Mumbai based pharmaceutical major for Rs 3,109
Pharmaceuticals
crore.

Krishna Holdings, a subsidiary of UltraTech

Nathdwara Cement, will sell its entire 92.5 per
UltraTech’s Subsidiary To
cent stake in China’s Shandong Binani Rongan
11. Sell Entire Stake In
Cement for around $129 million. UltraTech
Chinese Cement Firm
Nathdwara Cement is a subsidiary of the
UltraTech Cement.

Adani Power will purchase a 49 percent equity

stake in Odisha Power Generation Corporation
Adani Power to acquire (OPGC) for $135 million (around Rs 1,019 crore)
12. US-based AES’ 49% from US-based The AES Corporation’s, the
stake in Odisha Power company announced on June 23. The Odisha
government holds the balance 51 percent stake in
OPGC.

Yes Bank Ltd acquired a 24.19% stake in direct-

to-home service provider, Dish TV India Ltd, by
Yes Bank acquires
13. invoking pledges against 44.53 equity shares
24.19% stake in Dish TV
kept as collateral with the private lender for a
loan.

Acquisition of 100% The Competition Commission of India (CCI)

shares and control of approves the proposed acquisition of 100%
14.
Tech Data Corporation shares and control of Tech Data Corporation by
by Tiger Midco LLC Tiger Midco LLC.

The Competition Commission of India (CCI) has

BP Global’s 49% approved the proposed combination between BP
15. acquisition of Reliance BP Global Investments Ltd and Reliance BP Mobility
Mobility Limited Ltd (RBPML) under Section 31(1) of the
Competition Act 2002.

16. Manulife picks 49% stake Mahindra & Mahindra Financial Services
 (Mahindra Finance) on 29th April announce global
financial services group Manulife has acquired 49
in Mahindra AMC per cent stake in its wholly-owned subsidiary
Mahindra Asset Management Company. invested
$35 million or Rs 265 crore

Polycab India (PIL) on 2 May 2020 announced

Polycab India buys 50%
that it has signed an agreement with Trafigura,
17. stake in Ryker from
Singapore, to acquire 50% stake in Ryker Base
Trafigura
thereby terminating the existing joint venture.

The US based private equity firm The Carlyle

Group has agreed to acquire 74% stake in
Carlyle to buy 74% stake
18. SeQuent Scientific Limited, the largest pure-play
in SeQuent
animal healthcare company in India, for $210
million (Rs.1587 crore).

The Competition Commission of India (CCI) has

approved acquisition of 100% of the total issued
100% acquisition of
19. and paid up share capital of Emami Cement
Emami Cement by NVCL
Limited (ECL), on a fully diluted basis, by Nuvoco
Vistas Corporation Limited (NVCL).

The Competition Commission of India (CCI) has

approved acquisition of 100% of the total issued
100% acquisition of
20. and paid up share capital of Emami Cement
Emami Cement by NVCL
Limited (ECL), on a fully diluted basis, by Nuvoco
Vistas Corporation Limited (NVCL).

State-owned RITES Ltd on 22nd May has signed

RITES signs pact to
an agreement to buy 24% stake in Indian Railway
acquire 24% stake in
21. Station Development Corp. Ltd, (IRSDC), the
Indian Railway Station
company tasked with redeveloping railway
Development
stations across the country.

Ola Electric on 27th May acquired the

Netherlands-based Etergo BV, an innovative
Ola Electric acquires
electric scooter company known for its award-
22. Etergo, to launch electric
winning AppScooter for an undisclosed sum, and
two-wheeler
announced its foray into the premium electric
two-wheeler market, both globally and nationally.
 ITC Limited has entered into a Share Purchase
Agreement (SPA) on May 23, 2020 to acquire
100% of the equity share capital of Sunrise Foods
ITC to acquire 100%
Private Limited (SFPL), a company primarily
23. equity share capital of
engaged in the business of spices under the
Sunrise Foods
trademark ‘Sunrise’, subject to fulfillment of
various terms and conditions as specified in the
SPA.

Other Important Mergers and Acquisitions in

India 2020
Important Acquisitions in India

S. No. Company Acquires Company Acquired

1. Zomato Uber Eats

2. Ebix Yatra

3. Advent International Enamor

4. Accenture Droga5

Hamleys Global Holdings

5. Reliance Brands
(HGHL)

6. Silverpush BetterButter

7. InMobi Roposo

8. Famous Innovations Three Bags Full

9. Havas Group Shobiz

10. Martin Sorrell’s S4 Capital WhiteBalance

11. Publicis Groupe Epsilon

12. Disney 21st Century Fox

13. Killer Jeans Desi Belle

14. OYO Rooms Europe’s Leisure Group

15. Apple Intel’s Smartphone Modem

Apollo Munich Health

16. Mortgage Lender HDFC
Insurance

Rural Electrification
17. Power Finance Corporation
Corporation Limited

18. Bandhan Bank Gruh Finance

19. Tata AutoComp Systems Ltd TitanX

20. Walmart Flipkart

21. Tata Steel Bhushan Steel

22. HUL GSK Consumer

23. Teleperformance Intelenet Global Services

24. LIC’s IDBI bank

 HPCL(Hindustan Petroleum
25. ONGC (Oil and Natural Gas Corporation Ltd)
Corporation Limited)

26. India UPL Ltd. Arysta LifeScience Inc

27. Bharti Airtel Tikona

28. Flipkart Liv.Ai

29. Hindalco Aleris

SPI (Sathyam, Escape,

30. PVR
Pallazo)

31. Freshdesk Pipemonk

32. WNS Global Services Denali Sourcing Services

33. Byju Vidyaratha

34. Cadila Healthcare Ltd Sentynl Therapeutics Inc

35. Wipro Ltd InfoSERVER SA

36. Axis Bank Freecharge

37. Nuance Communications mCarbon Tech Innovations

Part of business from TL

38. Aurobindo Pharma Biopharmaceutical AG of
Switzerland

Lloyd Electric’s Consumer

39. Havells India
Durable Business
 40. Bharti Airtel Telenor India

41. Sony Corporation TEN Sports from Zee

42. Cognizant Technology Solutions Brilliant Service Co. Ltd:

43. Dr. Reddy Laboratories Ltd Imperial Credit Private Ltd

44. Tech Mahindra Ltd CJS Solutions

45. Cyient Certon Software

46. WNS HealthHelp

Canada’s Thallion
47. Taro Pharma
Pharmaceuticals

Business from Mallinckrodt

48. Piramal Enterprises
LLC

Important Mergers in India

S. No. First company Second Company

National Institute of Miners’ Health ICMR – National Institute of

49.
(NIMH) Occupational Health (NIOH)

Indiabulls Housing Finance Limited

50. (IBHFL) and Indiabulls Commercial Lakshmi Vilas Bank Limited (LVB)
Credit Limited (ICCL)

51. Capital First IDFC Bank

52. Housing. com PropTiger. com

53. Vodafone India Idea Cellular

54. Bank of Baroda Vijaya Bank and Dena Bank

Bhartiya Mahila Bank, SB of

55. State Bank of India Bikaner and Jaipur, SB of Patiala,
SB of Travancore

56. IndusInd Bank Bharat Financial (SKS Microfinance)

57. Flipkart E-bay India

58. TATA Steel ThyssenKrupp