M&A

Adani Group Wins Creditor Approval to Acquire Bankrupt Jaiprakash Associates Under IBC

• Creditors unanimously approved Adani Group’s resolution plan for the acquisition of Jaiprakash Associates, despite Vedanta being the highest bidder in the earlier e-auction.
• Deal estimated at $1.5 billion, with Adani offering higher upfront payments, making its bid more attractive to lenders even with a lower NPV.
• Letter of Intent received on 19 November 2025, and the plan now awaits approval from the NCLT Allahabad Bench and relevant regulators.
• Five bidders initially participated, but lenders exercised commercial discretion in choosing Adani; the decision may face potential legal challenge.
• Jaiprakash Associates owes ₹55,000 crore and spans businesses such as cement, power, real estate, construction, and hospitality.

2. Raise Financial (Dhan) Acquires Algo-Trading Platform Stratzy in $4-4.5 Million Deal

• Raise Financial, parent of trading platform Dhan, acquired Stratzy in a $4-4.5 million cash-and-stock transaction, strengthening its position in algo-based investing.
• Stratzy will continue to operate independently under Raise Financial, offering its algorithmic tools across multiple brokerages and trading platforms.
• 20-member Stratzy team, spanning engineering, product, design, analytics, and algo development, will fully transition to Raise Financial.
• The acquisition follows round led by Hornbill Capital, MUFG, and other marquee Dhan’s $120 million funding
• Deal boosts Dhan’s automated and systematic investing capabilities, aligning with SEBI’s push for broader retail access to algorithmic trading.
• Dhan expects FY25 revenue of ₹900 crore, more than double its previous year, after turning profitable with ₹155 crore net profit in FY24.

3. RPSG Ventures to Acquire 40% Stake in Luxury Fashion Brand FSP Design for ₹455 Crore

• RPSG Ventures approved the acquisition of a 40% stake in FSP Design (owners of luxury label Falguni Shane Peacock) at an enterprise value of ₹455.17 crore, with an option to buy an additional 10% within 18–24 months.
• The deal marks RPSG’s entry into the luxury couture segment, expanding its portfolio beyond existing luxury assets like Quest Mall.
• FSP Design operates globally across apparel and accessories, with FY25 revenue of ₹91.75 crore, and the investment will support expansion, category diversification, and scaling to global luxury standards.
• The RPSG Group views the acquisition as strengthening India’s modern luxury identity, combining heritage craftsmanship with contemporary global design.
• The move aligns with an industry trend of major conglomerates acquiring Indian designer labels, following similar plays by Reliance Industries and Aditya Birla Group.
• RPSG Group spans multiple sectors including energy, ITeS, sports, retail and consumer, and reported ₹9,645 crore income and ₹164.4 crore PAT in FY25.

4. Choice Consultancy Services Acquires 100% Stake in Ayoleeza Consultant to Expand Infra Advisory

• Choice International’s subsidiary, Choice Consultancy Services (CCSPL), acquired 100% of Ayoleeza Consultant, strengthening its advisory capabilities across railways, metros, roads, tunnels, and urban infrastructure.
• Ayoleeza, a 20-year-old consultancy firm, manages live orders worth ₹200+ crore, with ~69% under time-based contracts ensuring stable monthly revenue.
• The firm recently secured major railway sector assignments and has bids under evaluation worth ₹350 crore (railway projects) and ₹150 crore (roads & highways), indicating strong future order visibility.
• Choice International said the acquisition will scale its public-sector consulting business and support participation in key national and global infrastructure projects.
• The parent company reported Q2 FY26 net profit of ₹55.23 crore (up 20.1%) on a 14% rise in total income to ₹284.10 crore.

5. Nuvoco Vistas to Acquire Vadraj Energy for ₹200 Crore to Strengthen Captive Power Capacity

• Nuvoco Vistas is acquiring Vadraj Energy (Gujarat) for ₹200 crore from JSW Cement and Alpha Alternatives Holdings to secure captive power for its cement operations.
• The acquisition involves buying 100% stake in Algebra Endeavour, the holding company of Vadraj Energy, and is expected to close within 10 days.
• Vadraj Energy operates power plants in Surat and Kutch, which will be integrated into Nuvoco’s energy supply for enhanced efficiency and operational stability.
• JSW Cement will receive ₹191.63 crore, while Alpha Alternatives will get ₹8.37 crore from the transaction.
• Nuvoco, India’s 5th largest cement producer (25 MTPA capacity), is also expanding aggressively – having earlier acquired Vadraj Cement via insolvency and planning ₹200 crore capacity expansion in eastern India.
• The 6 MTPA capacity from the Vadraj Cement acquisition is expected to become operational by Q3 FY27.

6. NCLT Approves ₹8,000 Crore Merger of Sequent Scientific and Viyash Life Sciences

• The National Company Law Tribunal (NCLT) has cleared the ₹8,000 crore merger between Carlyle-backed Sequent Scientific and Viyash Life Sciences, announced in September 2024.
• The merger brings together Sequent (animal health) and Viyash (human health pharmaceuticals) to unlock backend and operational synergies.
• In FY24, Sequent reported ₹100 crore in operating profit, while Viyash logged ₹150 crore, highlighting strong combined fundamentals.
• The deal received 98% approval from Sequent’s public shareholders, reflecting broad investor support.
• Hari Babu Bodepudi, founder of Viyash and former global COO of Mylan (now Viatris), will lead the merged entity as CEO.
• Viyash brings nine manufacturing facilities, several US FDA-approved, strengthening the combined company’s global manufacturing footprint.

7. CCI Approves Cement Sector Deal and Offshore Drilling Merger

• The Competition Commission of India (CCI) has cleared two major transactions in the cement and offshore drilling
• In the cement deal, India Resurgence Fund (IndiaRF) will acquire a stake in Digvijay Cement, while Digvijay will also purchase shares in Hi-Bond Cement, forming a long-term strategic arrangement.
• IndiaRF, jointly managed by Piramal Group and Bain Capital Special Situations, strengthens its presence in the cement sector through this multi-step investment structure.
• Separately, CCI approved the merger of ADES International Cayman with Shelf Drilling Ltd, consolidating two players in offshore oil & gas drilling services.
• Both transactions were reviewed under CCI’s combination rules to ensure they do not adversely impact market competition.

8. Choice International Subsidiary Acquires Ayoleeza Consultants to Boost Infra Advisory Capabilities

• Choice Consultancy Services (CCSPL), a subsidiary of Choice International, has acquired 100% stake in Ayoleeza Consultants, a 20-year-old infrastructure advisory firm.
• Ayoleeza specializes in consultancy for railways, metros, roads, highways, bridges, tunnels, and urban infrastructure across India and neighboring countries.
• The firm manages live orders over ₹200 crore, with 69% being time-based contracts, ensuring steady monthly revenue.
• Ayoleeza has recently won multiple railway sector mandates and has bid for ₹350+ crore in railway tenders and ₹150+ crore in road & highway tenders-indicating strong future order prospects.
• The acquisition aligns with Choice Group’s strategy to scale its Public Sector Consulting vertical, enhancing capabilities in project advisory, design, supervision, and implementation monitoring for large infrastructure projects.
• The integration strengthens CCSPL’s ability to deliver large-scale infrastructure mandates nationwide by leveraging Ayoleeza’s technical expertise and proven execution track record.

9. Euro Pratik Sales Acquires 51% Stake in URO Veneer World for ₹76.5 Crore, Marks Entry Into B2C Segment

• Euro Pratik Sales acquires 51% stake in URO Veneer World at a valuation of ₹76.5 crore, including ₹10.2 crore capital infusion.
• Marks the company’s strategic entry into the B2C market, expanding beyond its traditional distribution-led model.
• Acquisition gives Euro Pratik a direct consumer-facing platform to engage with end users and design professionals.
• Expected benefits include better margins, improved working capital cycle, faster deliveries, and enhanced control over retail positioning.
• Access to URO Veneer World’s retail ecosystem enables stronger brand visibility and loyalty.
• Integration provides on-ground insights into design trends and consumer preferences.
• Acts as a strategic launchpad for Euro Pratik’s decorative surface solution products, helping replace competing offerings in its portfolio.
• Aligns with Euro Pratik’s long-term vision of building direct customer relationships and driving innovation based on evolving market needs.

10. Amber Enterprises to Acquire Majority Stake in Shogini Technoarts, Strengthens PCB Manufacturing Capabilities

• Amber Enterprises, through subsidiary IL JIN Electronics, is set to acquire a majority stake in Pune-based Shogini Technoarts, a leading PCB manufacturer.
• The financial terms of the deal were not disclosed.
• The partnership will leverage Shogini’s engineering expertise and software capabilities to deliver high-quality PCB manufacturing solutions.
• Shogini produces a wide range of PCBs – single-sided, double-sided, multi-layer, metal clad, and flex PCBs from its Pune facility.
• Shogini serves diverse sectors including automotive, power electronics, telecom, medical, industrial electronics, computer peripherals, and LED lighting.
• The acquisition strengthens Amber’s strategy to become a full-stack, backward-integrated EMS company.
• Amber is already setting up a ₹990 crore multi-layer PCB plant in Hosur and a HDI PCB facility in Jewar with Korea Circuits involving an investment of ₹3,200+ crore.
• The company is approved under the government’s electronics components manufacturing scheme (PLI).
• Leadership of both companies highlight the partnership as a major step to scale operations, drive synergies, and enhance customer value.