M&As set $81 billion record in 2016

Cross previous high of $72 billion in 2007 as Indian promoters overcome the selling taboo

In October, when the Essar group sold its 98% stake in Essar Oil to a Rosneft-led consortium for about $13 billion, it changed the face of mergers and acquisitions in the country. 

The Ruias celebrated the deal with full-page advertisements in financial newspapers. Harsh Goenka, chairman of the RPG group summed it up thus: “Earlier, selling a business was considered blasphemy. Now, you sell a business and issue full page ads. How things have changed!”

With this change in the promoter’s attitude, it is no surprise that M&As in India set a new record with deals worth $80.7 billion in