Birla did not go into specifics of the deals but looking at his track record he will probably be an active participant in the sale of assets expected in the near future

Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said at an event he is looking at acquisition targets in the US, Europe and India that will add value to the company.

Birla did not go into specifics of the deals but looking at his track record he will probably be an active participant in the sale of assets expected in the near future.

Apart from recent merger of Idea Cellular with Vodafone India, the Aditya Birla Group has carried out many deals in the past. In July, Hindalco Industries purchased Aleris Corp for $2.6 billion to enter the global automotive metal market. UltraTech Cement is attempting to buy Binani Cement, though the deal is stuck in a legal tangle.

These statements by Birla highlight the fact that India is emerging as the world’s hotspot for mergers and acquisitions. Indian companies have been part of deals exceeding $100 billion in 2018, a trend that is likely to continue according to PwC India.

Mergers and acquisitions in India have jumped to a fresh high in 2018, with three months still left in the year, according to Bloomberg data. “You can’t ignore India, there is no legitimate reason for not investing in India,” Birla said, adding he is optimistic about the economy, which he compared with an elephant starting to run previously.

Lenders are gearing up to tackle bad loans by selling companies owned by defaulters, which is the main driving force behind these deals. The Reserve Bank of India is pushing banks to restructure bad loans as a consequence of the new insolvency and bankruptcy law.

“The Narendra Modi government is starting to address the issue of bad loans and taking the bull by the horns. Bad loans have been around for a long time and just got brushed under the carpet,” Birla said.