The document discusses mergers and acquisitions (M&A) in India. It describes three phases of M&A: consolidation, hiving off non-core businesses, and acquisition to strengthen core business areas. Current rationales for M&A include backward/forward integration, unlocking value, balance sheet restructuring, and geographical expansion. The top sectors for M&A deals in India over the last 12 months are also listed. The regulatory environment and future focus/values around M&A in India are then outlined.