Mergers and Acquisitions: A Strategic Tool for Restructuring in the Indian Telecom Sector

Sohini Ghosh · Sarboni Dutta

21 citations0/0 files storedProcedia Economics and Finance

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Corporate Finance and Governance Merger and Competition Analysis ICT Impact and Policies

Abstract

Reforms implemented by Telecom Regulatory Authority of India (TRAI) and Department of Telecommunications (DoT) post liberalization have drastically altered the business environment in the Indian telecom sector. This sector has emerged as a significant performer in the Indian services domain. The telecom companies have opted for Mergers and Acquisitions (M&A) as a strategic tool to enhance their performances. The objective of this study is to explore the overall strategic impact of M&A in the telecom industry. Previous research has shown that M&As in the telecom sectors of USA and Europe have not been fruitful. In this paper, we have concentrated on 10 M&A deals in the BSE-listed Indian telecom companies during a timeframe spanning from 2000 to 2010 to determine the effect of M&As in this sector and how they have brought about changes, if any, in the business performance of the acquirer companies. The focus of our study is to measure the change in performance levels of the companies, if any, in the post merger phase as compared to the pre merger ones through selected HR and financial parameters like HCROI (Human Capital Return on Investment), Compensation of employees to PAT ratio, EPS (Earnings Per Share) and market share. The findings indicate a mixed outcome.

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