July has been best month for MA action: Grant Thornton

Written By Unknown on Rabu, 13 Agustus 2014 | 21.03

Raja Lahiri, partner - Transaction Advisory Svcs, Grant Thornton India gives a low down on the mergers and acquisitions (M&A) action in the month gone by.

Also read: e-retail India growth: 4 startups already in USD 1 bn club

Below is the edited transcript of Raja Lahiri's interview with CNBC-TV18's Nayantara Rai.

Q: What did deal street look like in July?

A: July was actually a blockbuster month if you look at it. We had total of USD 8 billion plus of deals making it the one of the best months in 2014.

There were three notably three billion dollar deals. One was Reliance - JP Power , second one was Flipkart raising a billion dollars and Diageo kind of doing the open offer for more than a billion dollars in United Spirits. So, it is a pretty solid month as far as deal goes in the month of July.

Q: Going forward are you expecting this momentum to continue?

A: Absolutely, the momentum is good. We have already seen pretty solid and robust deal flow. If one looks at the numbers again, it is USD 30 billion in the first seven months. I think outlook is good, certainty is definitely back into the system. We are seeing 2-3 clear trends – the IPO and the QIP market is pretty good and the inbound activity is clearly coming back. So, there is renewed inbound interest and thirdly e-commerce clearly is the toast of the season as far as private equity is concerned.

Q: Besides e-commerce which are the other sectors that are doing well at the moment?

A: In terms of other sectors the topmost is healthcare and pharma. We have already seen Sun Pharma, Ranbaxy deal happening. So, that remains to be the topmost sector. If you look at the deal volumes IT, ITES is clearly again a sector which has seen fair amount of activity in the private equity venture capital space but also interestingly in the consolidation space.

Thirdly I would say infrastructure. We are already seeing some kind of activity slow but sure activity in the infrastructure space and finally real estate. These will be the four sectors that I personally hope that there will be far more active.

Q: Infrastructure and real estate the government and Sebi has approved now the setting up of Real Estate Investment Trust, Infrastructure Investment Trust to be launched by October 1. Are you expecting this space to see a lot of activity?

A: It is definitely a good sign, it is a good momentum but again there are some from a regulatory perspective there are still some challenges which companies are still grappling with but definitely Real Estate Investment Trust (REIT) is a great option for capital raising and I expect some action on that front as well.


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