3 Key Mergers & Acquisitions Stories for Corporate Strategists

India's print media is the largest in the world by circulation, and today's front pages are dominated by major mergers and acquisitions. According to Press Monitor's tracking of Indian publications, three significant deals are reshaping the business landscape. This press review highlights the key stories every corporate strategist needs to know.

1. ITC Infotech and Happiest Minds to Merge in ₹1,330 Cr Deal

“A front-page report in Business Standard says” In a significant move toward consolidation in the mid-cap information technology (IT) services segment, Happiest Minds Technologies will merge with ITC Limited’s tech subsidiary ITC Infotech. IT sector veteran and Happiest Minds founder Ashok Soota and Ashok Soota Medical Research will sell 22.1 per cent equity stake for a consideration of ₹1,330 crore (average price of ₹395 per share). The equity stake will be acquired in two tranches under the share purchase agreement and will be funded through a rights issue by ITC Infotech. The merger will be effected through a share swap, pursuant to which, equity shareholders of Happiest Minds will receive 25 shares of ITC Infotech for every 81 shares held by them. ITC Limited will be the promoter of the merged company, with about 73.4 per cent stake. Happiest Minds said in a statement that the combined entity creates a powerful platform for the next phase of growth, with over 19,000 employees serving 800 customers. It is expected to achieve $1 billion in annual revenue by financial year 2028 (FY28), it said. Soota, chairman and chief mentor of Happiest Minds, said, “The two organizations are aligned on our values and shared vision for the future. There is very significant complementarity in our business portfolios, which will ensure synergy.

Why it matters: This merger creates India's sixth-largest IT services player, combining over 19,000 employees and targeting $1 billion in annual revenue by FY28. It signals consolidation in the mid-cap IT segment and strengthens AI-first capabilities.

Key detail: ITC Infotech will acquire a 22.1% stake from founder Ashok Soota for ₹1,330 crore, with a share swap ratio of 25 ITC Infotech shares for every 81 Happiest Minds shares. ITC Limited will hold 73.4% of the combined entity.

Source: Business Standard, Morning Standard, The Pioneer, Mint, The Hindu, Times of India, New Indian Express, Indian Express, Deccan Herald, Financial Express, Business Line, Free Press Journal, Millennium Post (13 sources)

Next step: The merger is subject to regulatory approvals. Watch for shareholder meetings and CCI clearance.

2. GRT Jewellers Acquires 74% Stake in TBZ for ₹1,034 Crore

A front-page report in Business Line says that Chennai-headquartered GRT Jewellers has signed a share purchase agreement to acquire a 74.12% stake in Mumbai-based Tribhovandas Bhimji Zaveri (TBZ) for ₹1,034 crore. The deal includes an open offer for remaining shares and is subject to regulatory approvals. GRT aims to expand its national presence through TBZ's 37-store retail network.

Why it matters: This acquisition gives Chennai-based GRT Jewellers a national footprint through TBZ's 37-store network, consolidating the organised jewellery retail sector.

Key detail: GRT will acquire the entire promoter stake of 74.12% and launch a mandatory open offer for the remaining 26%. The deal values TBZ at approximately ₹1,394 crore.

Source: Economic Times, Financial Express, Business Line, Deccan Chronicle, New Indian Express, Morning Standard, Mint, Free Press Journal (8 sources)

Next step: Regulatory approvals and open offer timeline. GRT aims to expand its presence in North and West India.

3. Eli Lilly Acquires Merida Biosciences for Up to $2.88 Billion

A front-page report in Mint says Eli Lilly will acquire Merida Biosciences for up to $2.88 billion in cash to strengthen its immunology portfolio with an experimental thyroid-related autoimmune treatment.

Why it matters: This acquisition strengthens Lilly's immunology portfolio with an experimental thyroid-related autoimmune treatment, reflecting the growing M&A activity in biopharma.

Key detail: The all-cash deal values Merida at up to $2.88 billion. Merida's lead candidate targets autoimmune thyroid diseases.

Source: Mint (1 source)

Next step: The acquisition is expected to close in the coming months, subject to regulatory approvals.

Closing: These three deals represent the breadth of corporate activity in India today — from IT services to jewellery retail to biopharma. Which of these stories impacts your business most? Let us know in the comments. This print media monitoring update is powered by Press Monitor, your source for real-time Indian media intelligence. Stay ahead with news on mergers and acquisitions from India's leading print sources.