Mergers and acquisitions (“M&A”) are a permanent feature of markets globally, and India is no exception. The nature and scale of M&A are reflective of global economic conditions, and hence prevalent trends in M&A are indicators of underlying of economic causes. According to VCCEdge, the year 2020 recorded 693 deals worth $46.22 bn., second highest deal value in the last 5 years.

Tax has long been a key factor governing and guiding the shape of India-focused M&A. With global changes in tax law, and paradigm shifts in global and Indian tax policy, administration and adjudication, the role of tax as a strategic planning tool in M&A is only expected to increase.

Hence, the importance of tax in M&A simply cannot be understated. Careful attention to tax issues at an early stage in the M&A process can help minimize future tax uncertainty and litigation. Proper attention to tax policies, systems and litigation also remains crucial to the overall success of M&A deals, and can be usefully leveraged to add value, reduce costs and manage risks.

Deal counsel advisory and practitioners must weigh the tax implications involved in structuring earnouts and other deferred payments in connection with an M&A transaction.

This training course is specifically designed to address the legal and regulatory considerations surrounding PE & M&A deals. It will provide participants with an in-depth analysis on tax due diligence, pricing, planning and negotiating the (tax) deal and acquisition tax planning along with covering the legal, tax and commercial consequences arising from cross-border mergers and acquisitions (M&A) and transactions.

Key Takeaways:

  • Understanding a wide range of business and personal taxes
  • Acquisition tax planning
  • Tax due diligence: Objectives, process, scope, disclosure and impact of findings
  • Fund structuring
  • Cross border private equity transactions
  • FEMA Regulations
  • Important SEBI regulations

Who should attend?

  • Executives involved in PE/VC and M&A Deals
  • CXOs, MDs, Directors and Senior Management
  • CFOs, Financial Directors, Directors of Strategic Planning and Senior Finance Executives
  • Corporate/General/In-house Counsel/Company Secretaries
  • Investment Bankers, Professional Advisers, Law Firms & Consultants
  • Individual, Private and Institutional Investors
  • VPs & Managers from Legal Department
  • Investment/Fund Managers
  • Private Equity & Venture Capitalist


8:55 AM onwards
  • 8:55 AM – 9:00 AM

    Welcome Address

  • 9:00 AM – 10:30 AM

    FEMA Regulation & Investments

    • An overview of FEMA regulations, its key provisions & issues
    • A brief discussion on various debt routes and outbound investments
    • An overview of relevant SEBI regulations on the investment vehicles like AIF, FPI and FVCI
    • An overview of relevant SEBI regulations on the security market:
    • ICDR Regulations - IPO, offer for sale, preferential issue, QIP and Institutional Trading Platforms
    • Debt Listing Regulations
    • Takeover Regulations

    Trainer:  Kunal Shah, Partner, Price Waterhouse & Co LLP.

  • 10:30 AM – 12:00 PM

    Tax Structuring

    • Structuring considerations on PE/VC investments including type of instruments,  return on investment, key tax and regulatory aspects, exit considerations,
    • M&A Deal structuring approach
    • Typical tax efficient structures – tools to measure tax efficiencies
    • Analysis of tax risks on deals including mitigation, tax indemnities/ insurance and other protection measures
    • Fund level structuring considerations for investments and exits  
    • Critical areas in definitive documents requiring tax inputs
    • Mitigating potential tax risks
    • Recent issues and budget impact

    Trainer: Sridhar Ramachandran, Partner, Grant Thornton India & Subham Kumar, Director, Grant Thornton Bharat LLP

  • 12:00 PM – 1:00 PM

    Post-deal tax considerations

    • Importance of tax integration
    • Implementing post-completion restructuring
    • Harmonising tax policies and reporting processes and tax loss utilisation parameters
    • Coordinating the tax integration plan with the business integration plan
    • Identify and addressing conflicting tax positions
    • Addressing the additional tax compliance burdens arising post deal

    Trainer: Sridhar Ramachandran, Partner, Grant Thornton Bharat LLP & Subham Kumar, Director, Grant Thornton Bharat LLP

  • 1:00 PM – Onwards

    End of Day 1

9:00 AM onwards
  • 9:00 AM – 10:15 AM

    Tax & Regulatory landscape in India

    • Overview of the tax and regulatory framework in India - Setting the context
    • Structuring transactions in the post-Covid environment  
    • Is Tax litigating increasing? – especially on transactions
    • Recent changes in the tax law directly impacting deals in India
    • Approach to tax diligence and unutilized tax opportunities
    • Understand the impact of risks and opportunities on the transaction and its price

    Trainer: Anil Talreja, Partner, Deloitte India

  • 10:15 AM – 11:30 AM

    REIT & InvITs

    • REITs and InvITs as a strategic M&A product
    • An overview of the regulatory framework
    • An overview of the tax regime
    • Key challenges/way forward

    Trainer: Anish Sanghvi, Partner, Price Waterhouse & Co LLP

  • 11:30 AM – 12:30 PM

    Industry Perspective: Tax aspects of cross-border transactions

    For a successful cross-border merger or acquisition, compliance with the laws of two or more countries and international customs and treaties is also required. One of the most complex aspects of the cross-border M&A is the taxation of the transaction. A substantial number of cross border mergers and acquisitions have taken place in India in the recent past and the current circumstances can further lead to cross border mergers and acquisitions. This session will cover the tax aspects of cross border transactions.

    Trainer: Suraj Malik, Managing Partner & Founder, Legacy Growth Partners LLP

  • 12:30 PM – Onwards

    End of Training




Anil Talreja

Partner, Deloitte India

Sridhar Ramachandran

Partner, Grant Thornton Bharat LLP

Subham Kumar

Director, Grant Thornton Bharat LLP

Suraj Malik

Managing Partner & Founder, Legacy Growth Partners LLP

Anish Sanghvi

Partner, Price Waterhouse & Co LLP

Kunal Shah

Partner, Price Waterhouse & Co LLP.

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