The decade which followed the early reforms in India post the 1990s, the colourful stories of larger-than-life bankers striking bulge-bracket mergers and acquisitions (M&As) deals emanated mostly from the Wall Street firms or their JV’s in India, Big5’s (Arthur Anderson was still leading the pack) and multinational Banks. Fuelled by increased capital flows and rising valuations, domestic M&As emerged as a preferred route for accelerating growth, achieving scale and consolidating market share in India in the early 2000s. Clearly, M&As were one of those by-products of the epic economic reforms of 1991 that eased licence raj and opened the doors for intense competition.