International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Volume 8 Issue 5
September-October 2026

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Mergers and Acquisitions in India: Deal Activity, Strategic Logic, Competition Policy and the Problem of Measuring Performance

Author(s) Ms. Arpita Bansode, Dr. Royal Tamang
Country India
Abstract The recent expansion of mergers and acquisitions in India raises a question that transaction statistics cannot answer on their own: does more dealmaking produce better firms? This paper examines recorded M&A activity during 2023–2025 alongside academic evidence on acquisition performance, the changing Indian merger-control regime and three prominent corporate combinations. The study uses a descriptive, documentary design. Annual deal counts and values are taken from Grant Thornton Bharat; statutory provisions and regulatory decisions are examined with company announcements; and the cases are assessed through a common framework of strategic rationale, integration demands and observable outcomes. Reported deal volume rose from 494 transactions in 2023 to 963 in 2025, while aggregate announced value increased from approximately US$25.3 billion to US$60.2 billion. The growth indicates an active market for control and consolidation, but neither series measures operating returns. The HDFC Bank–HDFC Ltd. transaction reveals the importance of liability structure and distribution reach; Air India–Vistara highlights integration across networks, people and customer systems; and the Reliance–Disney media combination places competition concerns alongside potential content and platform efficiencies. The paper argues that price paid, financing capacity, regulatory constraints and execution quality are better candidates for explaining eventual performance than transaction size alone. It proposes a practicable post-merger evaluation framework and identifies the limits of conclusions drawn from public announcements.
Keywords mergers and acquisitions, India, post-merger performance, strategic fit, competition regulation, corporate integration, deal value threshold
Field Business Administration
Published In Volume 8, Issue 5, September-October 2026
Published On 2026-10-21
DOI https://doi.org/10.36948/ijfmr.2026.v08i05.89739
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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