JP Morgan expects surge in India Inc.'s appetite for overseas acquisitions
Indian companies are increasingly looking to acquire assets overseas to gain access to technology and bolster manufacturing assets, senior executives at investment bank JP Morgan told Mint.
'India outbound could be quite relevant in the years to come, especially in a three-to-five-year timeframe. There are live conversations that are starting to happen with target companies that our clients have tracked historically," said Nitin Maheshwari, co-head of investment banking at JP Morgan in India.
Maheshwari said global assets have become more affordable and Indian companies are able to fund acquisitions 'because they have a stronger balance sheet and a valuable currency (such as listed securities)".
Maheshwari, head of mergers & acquisitions (M&A) and financial sponsors for India, and Ravi Shankar, head of technology, media and telecommunications and consumer & retail for India, were named co-heads of investment banking at JP Morgan in India on 27 January.
'Capital markets are enablers of M&A – meaning, for an Indian buyer looking at an asset, their ability to pay top dollar is higher if they trade at high multiples," Shankar told Mint.
Several Indian companies have already looked overseas to make acquisitions. RPG's Ceat acquired Camso in a $200 million acquisition last year.
Over the last few months, IT services giants Infosys acquired The Missing Link, an Australian cybersecurity firm, and MRE Consulting, a technology consultancy in the United States, in April. Wipro has also struck multiple overseas acquisitions in recent years.
In January, Intas Pharma acquired US-based Coherus Biosciences in an over $558 million investment.
Also Read: JP Morgan's Mookim seeks bright spots amid earnings lull in Indian markets
Focus on manufacturing
The growing importance of manufacturing globally is likely to make this segment ripe for M&A, the executives added, noting that Indian firms are either buying for skills, and technology, or looking at some geographic presence to diversify their business globally.
'The big opportunities for India Inc globally are on the manufacturing side – this could actually reshape supply chains for global companies and actually drive a lot of traffic to India," Shankar said.
Maheshwari added that this could be segments such as speciality manufacturing, auto, auto components and pharmaceuticals.
'None of the Indian pharma companies have leverage and they have the ability to go out and buy specialty products, and continue to move up in the value chain," he added.
The Indian manufacturing sector has been driven by the global corporate requirement to invest in diversified supply chains. Several large tech firms have set up manufacturing hubs in India to meet the global demand. US tariffs in manufacturing sectors could also induce Indian firms to acquire assets in parts of the US.
Also Read: Time to re-imagine Indian manufacturing from the ground up
In recent transactions in India, JP Morgan was advisor to SMBC in its acquisition of a stake in Yes Bank and advisor to IBS Software, which is set to be acquired by Blackstone.
JP Morgan also advised Walmart on its acquisition of Flipkart in 2018 and subsequent $3.6 billion fundraise. It also advised the $3.1 billion sale of Hexaware by Baring Private Equity Asia (now EQT) in 2022.
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Time of India
33 minutes ago
- Time of India
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And perhaps, some things, like the way a kitchen breathes, are still worth taking the long route for. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
NDTV
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- NDTV
All Bases Covered: How RCB's Maiden IPL Triumph Is A Complete Teamwork Shutting Down Past Mistakes, Criticism
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India.com
35 minutes ago
- India.com
Rs 400 crore, Rs 600 crore, Rs 1000 crore...: Rich Indians are buying luxury properties across India due to...
Representational Image/File From lavish bungalows in the Mumbai's upscale Malabar Hill to expensive apartments in Lutyens, Delhi, the sale and purchase of luxury real estate by India's ultra rich has increased at a rapid pace in recent times. According to a report by the Economic Times, Leena Gandhi Tewari, the chairperson of pharmaceutical giant USV Private Limited, recently purchased two duplex flats, with a combined area of 22,572 square feet, in Mumbai's Worli for Rs 635 crore. The deal is being touted as the most expensive in India, with each square foot of space costing a whopping Rs 2.83 lakh, as per the report. Additionally, the Kotak family has bought an entire sea-facing building in Mumbai for Rs 628 crore, while DMart owner Radhakishan Damani purchased a vintage bungalow in the posh Malabar Hill area for a staggering Rs 1000 crore. Why India's ultra rich are investing in luxury real estate? As per experts, there are a multitude of factors responsible for the country's uber-rich deciding to invest in luxury real estate, such as the rising demand in the real estate market for luxury homes. However, the number of such properties is still relatively compared to the demand, especially in highly-sought areas like Lutyens, Delhi, Mumbai's Worli, and Golf Course Road in Gurugram. This unequal demand and supply scenario in the luxury real estate market has resulted in prices of these properties skyrocketing in recent times, which can be gauged from the fact the Leena Tewari paid a record Rs 2.83 lakh per square feet for her duplex apartments in Mumbai, while one square feet at Gurugram's DLF Camellias costs around Rs 1.17 lakh. Notably, the ultra rich are not buying these properties for habitation, they plan to monetize them. As per reports, the Kotak family plans to rebuild the sea-facing building they recently purchased in Worli, and likely turn it into a luxury apartment building. Luxury real estate prices skyrocketing in Indian metros Luxury real estate prices in India metros and tier-I cities are surging at a rapid pace, with Mumbai, Bengaluru and Delhi ranked among 15 world cities where prices of luxury homes are increasing the fastest, as per a report by Knight Frank. Bengaluru ranks 4th on the list, followed by Mumbai at 5th, and Delhi at the 15th spot. According to market data, India's luxury home market grew by 28% in FY23-24, with Delhi-NCR topping the sales. Together, Bengaluru, Mumbai and Delhi-NCR accounted for 67% of the total investment in luxury real estate, showcasing these cities as major real estate hubs in the country. Notably, the number of high net worth individuals (HNIs) increased by 6% to 85,698 in 2024, and the number is expected to reach 93,753 by 2028, according to the Knight Frank Wealth Report 2024. The report noted that HNIs in India invested 32% of their wealth in real estate in 2024, while the figure was 25% in 2020.
