Hotels to steel: India Inc unlocks subsidiaries' value with mergers, splits

Combined value of deals reaches $32.9 bn in Q3 CY2023, the highest quarterly total since Q2 CY2022

Corporate India is busy restructuring —through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals — the highest quarterly total since the HDFC Bank-HDFC merger announced in FY23 Q2.

Deals create shareholder value and give synergy benefits, executives explained. Supratim Dutta, executive director and chief financial officer of ITC Ltd, said the group’s hotel business had matured and scaled up over the years and was now