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Practical guides for each stage of a deal, and longer articles on the questions that take real thought. Written by the Synerger team, dated, and not a substitute for advice from your CA or lawyer.
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- Guide · Buying a businessForeign investment in an Indian company: FEMA basics11 October 2026 · 8 min read
- Guide · Valuation and structureKey clauses in a share purchase agreement11 October 2026 · 8 min read
- Guide · Buying a businessMerger control in India: when CCI approval is needed11 October 2026 · 7 min read
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- Guide · Running engagementsChoosing an M&A adviser in IndiaA good M&A adviser for an Indian mid market deal has done similar transactions, gives you named senior people, and agrees a written scope before work starts. Fees are commonly a mix of fixed or retainer amounts and a payment linked to completing the deal, and every element should be written down.11 Oct 20267 min
- Guide · Buying a businessForeign investment in an Indian company: FEMA basicsWhen a foreign buyer or investor acquires shares in an Indian company, FEMA, 1999 and the rules under it decide whether the investment is allowed automatically or needs government approval, the minimum or maximum price, and what must be reported to the RBI. These rules shape structure and timing from the term sheet onwards.11 Oct 20268 min
- Guide · Valuation and structureKey clauses in a share purchase agreementA share purchase agreement sets the price and how it is paid, what must happen before closing, what the seller promises about the business, and what happens if those promises turn out to be wrong. Most negotiation time goes on the price mechanism, warranties, indemnities and their limits.11 Oct 20268 min
- Guide · Buying a businessMerger control in India: when CCI approval is neededUnder the Competition Act, 2002, acquisitions, mergers and amalgamations above set size tests must be notified to the Competition Commission of India and approved before they take effect. Whether a deal qualifies depends on asset, turnover and deal value tests, and on available exemptions, so confirm it with a competition lawyer early.11 Oct 20267 min
- Guide · Valuation and structureThe shareholders' agreement in a minority stake dealWhen an investor buys a minority stake, the shareholders' agreement decides how much say it gets and how it will eventually exit. The points negotiated hardest are board seats, the list of reserved matters, transfer restrictions, tag and drag rights, and what happens if no exit arrives on time.11 Oct 20268 min
- Guide · Preparing to sellVendor due diligence before a saleVendor due diligence is a review the seller pays for before the sale starts, so problems surface while there is still time to fix or explain them. Buyers read it as a starting point and still run their own confirmatory checks.11 Oct 20267 min
- Guide · IntegrationA Day One checklist after an acquisitionDay One is the first working day after closing. The aim is modest: the business keeps running, people know what has changed, and the new owner has control of money and decisions. Each item needs one owner and a time, agreed in the weeks before closing.10 Oct 20265 min
- Article · Valuation and structureAsset sale or share sale: which should you choose?In an Indian deal, the choice between buying shares and buying assets decides who carries old liabilities, what happens to licences and staff, and how tax falls on each side. It is worth settling before the term sheet.10 Oct 20268 min
- Guide · Preparing to sellBuilding a buyer listA good buyer list is short, reasoned and approached in order. Rank strategic buyers, financial investors and insiders by fit and risk, then approach them in waves to keep the sale confidential.10 Oct 20266 min
- Article · Due diligenceDiligence documents and the DPDP ActDue diligence moves a lot of personal data from the seller to buyers and their advisers. Under the Digital Personal Data Protection Act, 2023, that needs a plan: what to share, in what form, with whom, and what happens to it afterwards.10 Oct 20267 min
- Article · Valuation and structureEarn-outs in Indian deals: when they help and how they go wrongAn earn-out pays part of the price later, if the business meets agreed targets. It works when the measure is clear and the seller keeps real influence. The definitions, the controls, the payment security and the Indian law points decide whether it holds.10 Oct 20267 min
- Guide · IntegrationEmployee transfer in a dealEmployees are often the most valuable part of a business and the most nervous part of a deal. How employment moves depends on whether the deal is a share sale or an asset sale, and the buyer will check payroll and labour compliance in either case.10 Oct 20267 min
- Guide · Preparing to sellFundraising readiness before a Series ASeries A investors look harder than seed investors did. A founder in India should put the numbers, cap table, legal records and data room in order three to six months before raising.10 Oct 20265 min
- Article · Valuation and structureHow a business is valued: DCF, comparables and precedent dealsPromoters often hear three valuations for the same business and wonder which one is right. Each method answers a different question, and a Rajkot auto parts maker selling a minority stake shows where each one helps and where it misleads.10 Oct 20267 min
- Guide · Preparing to sellInformation memorandum basicsThe information memorandum is the first long look a buyer gets at your business. It goes only to buyers under NDA, says far more than the teaser, and has to be accurate enough to survive diligence.10 Oct 20267 min
- Guide · Valuation and structureLetter of intent or term sheet: what to agree firstA letter of intent or term sheet is mostly non binding, but it sets the frame for everything after it. Settle price mechanics, structure, exclusivity and closing conditions early; warranties and indemnities can wait for the definitive agreement.10 Oct 20265 min
- Article · Buying a businessManagement buyouts and family successionSuccession in an Indian family business decides three things: who owns it, who controls it and who runs it. The routes run from handing over within the family to a management buyout, and a Surat textile family shows how each plays out.10 Oct 20267 min
- Guide · Preparing to sellNDA basics before you share deal informationThe first document in almost every deal is a non disclosure agreement, and it is often signed in a hurry. A handful of clauses, and a plan to share information in stages, decide how well it protects you.10 Oct 20265 min
- Guide · IntegrationPost deal reporting and the first board packAfter closing, the acquirer or investor needs regular, reliable reporting. Many founders have never produced a board pack. A short monthly report and quarterly pack, built from one source of figures, meets that need without burying the finance team.10 Oct 20266 min
- Guide · Preparing to sellPreparing your business for sale in IndiaMost sale processes slow down because of things the owner could have fixed a year earlier: messy records, unsigned contracts, a business that depends on one person. Most of these can be put in order within a year, if you start early and work in the right sequence.10 Oct 20266 min
- Guide · Due diligenceRelated party transactions in diligenceIn many family run Indian businesses, the company buys from, sells to or rents from companies owned by the same family. Buyers want to know whether those terms are fair and whether they will continue, so the dealings are best put in order before a sale.10 Oct 20266 min
- Guide · Due diligenceRunning a virtual data room without chaosA data room fails in familiar ways: duplicate files, the wrong people seeing the wrong folders, and nobody sure what the buyer has already read. An agreed folder index, access by role and a few upload rules prevent most of it.10 Oct 20265 min
- Guide · IntegrationThe first hundred days after the dealThe first hundred days are when the deal's assumptions meet the business as it really is. A short list of outcomes, a small integration team and a weekly review keep the plan on track.10 Oct 20265 min
- Guide · Valuation and structureWarranties and indemnities in Indian dealsWarranties and indemnities decide who pays if something about the business turns out to be wrong after closing. Warranties cover the business in general, indemnities cover specific known issues, and the agreement sets limits on how long, how small and how large a claim can be.10 Oct 20267 min
- Guide · Due diligenceWhat a due diligence request list containsA buyer's first diligence list can run to several hundred lines. Each section tests a specific risk, and a seller who knows which one can organise the answers with its advisers far more easily.10 Oct 20265 min
- Guide · Due diligenceWhat a quality of earnings review looks atBuyers rarely accept reported profit as it stands. A quality of earnings review adjusts it for one time items, owner costs and accounting choices, and checks it against cash. A seller can prepare the same schedules in advance.10 Oct 20267 min
- Article · IntegrationWhy integration fails after the deal is signedDeals rarely fail at signing. They fail when nobody owns the plan for Day One, key people leave, customers drift and the savings in the valuation never get assigned to anyone. In Indian acquisitions the same gaps recur, and each can be closed with planning.10 Oct 20267 min
- Guide · Valuation and structureWorking capital adjustments explainedMany deals agree a price on the basis that the business comes with a normal level of working capital. If there is more or less at closing, the price moves. Sellers most often lose money through a reference level set at a peak month and vague definitions.10 Oct 20267 min
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