India Inc is on a roll; registers eightfold rise in mergers and acquisitions in March
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The month of March saw a significant rise in the number and values of mergers and acquisitions done, with Corporate India striking deals worth $5.4 billion in one month alone. This proves to be an eightfold jump over the same period a year ago, as per a report from the tax, assurance and advisory firm Grant Thornton.
According to the report, there were 48 M&A deals in March 2016, as compared to 43 transactions in March last year, when the deals were valued at $677 million.
This rise in M&A numbers and values is mainly because of two deals that were valued over a billion dollars. While the first one was the acquisition of Tass-Yuryakh oilfield for $1.3 billion by Indian Oil Corp, Oil India and a unit of Bharat Petroleum, the other one was Tokyo-based Yokohama Rubber Co's acquisition of off-highway-tyre manufacturer Alliance Tire Group, which was done for $1,200 million.
This has also upped the deal tally for the first three months of 2016, which now stands at $8,925 million, seeing a 31% jump from the same period last year.
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