Mergers and acquisitions (M&As) in India have moved into the slow lane, dropping 43 per cent in terms of deal value to touch $13.37 billion since January this year to date, compared to the same period in the last year.
According to data sourced from Bloomberg, Indian companies reported deal value worth $23.5 billion between January and March 22, 2023.
Data Infrastructure Trust s acquisition of American Tower Corporation s India telecom towers business for $2.5 billion was the top deal for the ongoing quarter so far, followed by the Highway Infrastructure Trust s acquisition of PNC Infratech s road projects for $1.08 billion.
Accordingly, IIFL has cautioned that Indus receipts from Vi could fall short unless there is significant fundraising at the telecom operator. On Monday, shares of Indus closed 1.12% lower at ₹172.05 on BSE, while Vi ended 0.12% higher at ₹8.34. At its fiscal first-quarter earnings call last week, Indus top management said the tower company was in constant dialogue with Vi, urging the key customer to clear its past dues estimated at ₹9,500 crore.
Moondra says that the carrier was in early stages of the 5G deployment and that there was no change in the overall trends that we see in terms of the subscriber movement in different categories