According to a study released by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), the telecom industry witnessed the highest number of mergers and acquisitions (M&A) between April and December 2010.
The number of M&A deals rose to 222 in the first nine months of the current fiscal compared to 149 in the same period last fiscal. The telecom sector accounted for the highest share at 28 per cent of the total M&A valuation. The sector saw 10 deals valued at $16.5 billion, the study said.
Among the major outbound deals during the period, Bharti Airtel completed a deal to buy Kuwait-based Zain Telecom’s African business for about $10.7 billion, the study said. Also, Bharti Airtel acquired 100 per cent stake of Telecom Seychelles Limited for $62 million. Moreover, Reliance Industries bought 95 per cent stake in Infotel Broadband for $1.03 billion, the survey said.
