India Inc M&A – Who started it first?

India Inc’s M&A is getting bigger and bolder even in these days of global uncertainties. Within months of Tata Motors acquiring iconic brands Jaguar and Land Rover from Ford, Indian telecom czars are vying with each other to make a deal with African telecom giant MTN.

India business mergerWe have witnessed this merger wave in the domestic front too. Before the ink dried on the Idea Cellular – Spice Telecom merger deal, there is another spice deal Kingfisher-SpiceJet in the offing.

Now, do you know the first significant M&A deal in India? It’s well before the economic liberalization; it’s actually even before our independence. It was in 1936. In an effort for survival in the competitive cement market, ten companies that belonged to prominent business groups like Tatas, Khataus, Killick Nixon and F E Dinshaw groups merged to form a cement giant, ACC – The Associated Cement Companies Ltd.

ACC still stands out as the most unique merger in Indian business history.

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