Raja Lahiri, Partner-Transaction Advisory Services, Grant Thornton talks to CNBC-TV18 about the M&A action over the first three months so far this year.
Raja Lahiri, Partner-Transaction Advisory Services, Grant Thornton talks to CNBC-TV18 about the M&A action over the first three months so far this year.
Below is the edited transcript of the interview:
Q: What kind of M&A activity have we seen in the first three months of 2014? Is it better than 2013?
A: Overall, if you look at the numbers, it is around USD 6 billion and if you split the numbers, it's around USD 4 billion of M&A as well as USD 2 billion of private equity. What we are seeing is clearly the deal volumes and deal values that had actually come down for M&A, which was expected given that we are in election year and people are large in a wait and watch mode. However, what is interesting to note is that private equity investment value USD 2 billion is actually up compared to the same quarter of last year, largely fuelled by buyout kind of transaction that's happening. So, that is the overall trending.
Q: Going forward, for May 16 we know what the mandate is as far as these elections go. Are you expecting the deal activity to suddenly pick up?
A: Absolutely. I must say that currently most corporates are in a wait and watch mode and so are private equity funds. Nevertheless, clearly in the last month or so we have seen fair bit of action deal talks getting emerging and diligence happening. Therefore, all these are very important signs for deal activity to pick up as election results come. A certain sectors are clearly going to see some action. I would say the top picks would be largely consumer, infrastructure, some large action could happen. Hence, I would say it seems moderately positive post elections.
Also read: Majority govt no magic wand for Indian economy: Dimensions
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