Rungta Advisors: Mapping Indian Acquisition Targets for a European Buyer

At Rungta Advisors, Arjan worked on a cross-border M&A mandate: a European electrical equipment manufacturer was looking to enter the Indian market through an acquisition of an Indian electrical equipment company.

The first question was target size and ownership structure. The client's preference was to avoid companies with heavy institutional investor backing, as institutional investors are often not seeking an exit and can complicate deal execution. Arjan built the initial target list with this filter as a primary screen, alongside operational scale and a minimum valuation threshold.

He then assessed each target for joint ventures or partnerships with larger Indian conglomerates, which would similarly complicate a clean acquisition. The result was a filtered, iterated target list that went through multiple rounds of refinement to add depth on each company's operations, investor profile, and strategic fit.

Once the list reached a sufficient level of detail, it was handed to the firm's principal for deal progression.