Experts predict that India’s cash-rich firms will continue their inorganic expansion both in domestic and overseas markets in 2011. Last year, India saw a three-fold increase in the overall M&A deal value over 2009, taking Indian M&A activity back to the levels of 2007. Bharti Airtel’s $10.7bn acquisition of Zain in Africa was a major contributor to this upward trend.
Year-to-date M&A deal value as of May 2011 shows a slight decline in deal activity. Possible reasons could be uncertainty in the regulatory environment, high interest rates and a general dulling of the India story due to perceived governance deficit. However the drivers for Indian companies to grow inorganically remain the same and will continue to thrust M&A activities in India. In this issue, People Matters invites business leaders and domain experts to share their experience of transactions, specially on why focus on intangibles - culture and talent - is crucial to deriving value from any transaction.
This issue also brings to you conversations with A.M. Naik, Chairman and MD, Larsen & Toubro, who shares the change journey at L&T to prepare the company for global competitiveness; and with Quatrro Chairman and MD, Raman Roy, who reflects on the evolution of the BPO industry and its impact on talent management practices.
In our regular sections, Vivek Paranjpe gives his expert advice on how companies can support employees’ financial needs by facilitating education and making resources available to reduce pain points. In the section “Creating Great Workplaces” by the Great Place to Work® Institute, India, Prabir Jha of Tata Motors shares his views on what makes a great workplace.
The coming weeks promise great excitement at People Matters as the team gears up for its annual special on “Best Companies to Work For, 2011” in collaboration with Great Place to Work® Institute, India. Like last year, People Matters will release the yearly book that will carry an extensive coverage of the 2011 winners. You can book your copies by writing to us at info@peoplematters.in.
As always, we welcome your feedback and suggestions. Do write to us at editorial@peoplematters.in.
Happy reading!

Ester Martinez
Managing Editor