Year Ender 2024: Reliance-Disney To Tata Group's Air India Deal, A Look At India's Major M&As This Year

A report by Bloomberg showed that the Mergers and Acquisitions (M&A) activity in the country recovered in the year and increased 18.2 per cent, reaching $96.9 billion

The merger between Air India and Vistara transformed the Indian aviation industry.

Source : Cadence Bank

As we bid goodbye to 2024 and get busy in welcoming the New Year,  it is crucial to look back on how the markets fared in the year. With initial public offerings (IPOs) flooding the market, there were also heavy activity seen in mergers and acquisitions. 

A report by Bloomberg showed that the Mergers and Acquisitions (M&A) activity in the country recovered in the year and increased 18.2 per cent, reaching $96.9 billion. This figure included pending, proposed, and completed deals. In comparison, the M&A transactions in India declined by 63.8 per cent in 2023, totalling $81.9 billion.

Let’s take a look at some of the major M&As that took place in the country in 2024.

Reliance and Disney India

Billionaire Mukesh Ambani’s Reliance Industries helmed a Rs 70,000 crore merger with the Indian unit of the global media empire, Walt Disney, in one of the most prominent deals seen in the year. This move led to Reliance consolidating its media assets and enhancing its reach. The companies concluded their merger to form a joint venture on November 14, 2024. The resulting entity is owned between Reliance Industries, Viacom18, and Disney, with ownership stakes of 16.34 per cent, 46.82 per cent, and 36.84 per cent respectively. 

Air India and Vistara Merger

The merger between Air India and Vistara transformed the Indian aviation industry. After the Tata Group acquired the Air India in 2022, the conglomerate aimed to bring together the airline with Vistara. The merger followed the company’s low-cost carrier, Air India Express, merging with AIX Connect in October 2024. 

The enlarged Air India will now operate more than 5,600 weekly flights and connect over 90 destinations. Singapore Airlines will control a 25.1 per cent share in the new entity. 

Gujarat State Petronet Decides To Merge Gujarat Gas And GSPL

In September, Gujarat State Petronet Ltd revealed a plan to restructure its business. The plan involved merging Gujarat State Petroleum Corp, Gujarat State Petronet, and GSPC Energy Ltd with Gujarat Gas. Further, the company spinned off its gas transmission business into GSPL Transmission Ltd. The restructuring remains subject to approval from the Ministry of Corporate Affairs, BSE, NSE, and the shareholders.

Adar Poonawalla And Dharma Productions

Vaccine maker Serum Institute of India CEO Adar Poonawalla’s Serene Productions in October announced that it is inking a deal to acquire a 50 per cent share in Karan Johar’s Dharma Productions and Dharmatic Entertainment. The deal will see Johar retain his ownership of the remaining 50 per cent and act as the executive chairman of the entity.

Mankind Pharma And Bharat Serums

Mankind Pharma in October finalised the deal to acquire Bharat Serums and Vaccines Ltd for Rs 13,768 crore. This move is aimed at helping the company establish itself in the women’s health and fertility drug market in the country. 

Ambuja Cements And Penna Cement Industries

Ambuja Cements Ltd concluded the acquisition of Penna Cement Industries Ltd for Rs 10,422 crore in 2024. The deal made the latter a wholly owned unit of Ambuja Cements effective August 16, 2024.