In view of the restructuring of the Indian corporate sector, this book carries out an in-depth analysis of the mergers and acquisitions that took place in India’s pharmaceutical industry since the early 1990s. Using innovative methodology, this record answers two important questions: Why is a firm acquired? and Why does a firm acquire? As it examines how acquired firms differ from the acquiring—and how participant firms are different from the nonparticipants—it argues that corporate amalgamation has important efficiency and policy implications. This record also includes an appraisal of industrial and stock market reforms, where the concern over the need for a “takeover market in India” is developed.
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