Corporate action gained pace across 2025. Across the year, companies used mergers, demergers, and stake sales to resolve capital allocation issues, unlock value from various businesses, and consolidate operating platforms.
Media, cement, automobiles, FMCG, metals, healthcare, and financial services all recorded transactions large enough to alter ownership structures and market rankings. By December, both the number of deals and the value involved placed 2025 among the most active years for corporate restructuring in India. Here is a detailed wrap:
Tata Motors
Tata Motors completed the separation of its commercial vehicle business from its passenger vehicle and Jaguar Land Rover operations on October 1, 2025. October 14 was fixed as the record date, with shareholders receiving one share of TML Commercial Vehicles for each Tata Motors share held.
As part of the transaction, Rs 2,300 crore of non-convertible debentures were transferred to the commercial vehicle entity, allowing both companies to begin operations with balanced leverage.
Hindustan Unilever
Hindustan Unilever received NCLT approval on October 30, 2025, to separate its ice cream business into Kwality Wall’s (India). The demerger became effective on December 1, 2025, with the record date set for December 5.
The ice cream portfolio, which includes Kwality Wall’s, Cornetto, and Magnum, generated around Rs 1,783 crore in FY25, accounting for roughly 3% of the company’s revenue. Shareholders received shares in a 1:1 ratio. The listing is expected by March 2026.
ITC Hotels
ITC implemented the demerger of its hotel business on January 1, 2025, after securing shareholder approval of 99.6%. The stock turned ex-date on January 6, 2025, with shareholders receiving one share of ITC Hotels for every 10 shares held in ITC.
The hospitality company entered the market with a valuation of approximately Rs 42,000 crore, while ITC retained a 40% stake. The transaction removed the capital-intensive hotel business from ITC’s FMCG-focused balance sheet.
Vedanta
On December 16, 2025, Vedanta secured NCLT approval for a five-way demerger covering aluminium, oil and gas, power, iron and steel, and a parent company retaining the zinc business.
Each business will operate with its own balance sheet and credit profile. The restructuring is expected to take effect in early 2026, with shareholders receiving proportionate stakes in the new companies.
JioStar Media
The largest merger of the year closed on February 14, 2025, when Reliance Industries combined Viacom18 with Walt Disney’s Star India business in a transaction valued at $8.5 billion, or roughly Rs 71,000 crore. Operational integration across broadcasting and streaming platforms was completed by November 30, 2025.
Reliance invested Rs 11,500 crore as fresh capital. The merged entity operates 120 television channels and runs Disney+ Hotstar and JioCinema on a single technology platform. Reliance holds a 63.16% stake, while Disney owns 36.84%. The company now controls more than 40% of India’s advertising market.
Ambuja Cements
On December 22, 2025, the board approved the merger of ACC and Orient Cement into Ambuja Cements, consolidating the Adani Group’s cement operations under one listed company. The unified entity carries a combined market capitalisation of more than Rs 1.8 lakh crore.
Operational integration is scheduled to begin on January 1, 2026. The group expects logistics savings of around Rs 100 per tonne through a unified operating system, with management indicating potential EBITDA margin gains of 150 to 200 basis points.
Shriram Finance
On December 17, 2025, Japan’s MUFG Bank agreed to acquire a 20% stake in Shriram Finance for $4.5 to $5 billion, equivalent to Rs 38,000 to Rs 42,000 crore. The transaction was priced at a premium of about 16.5%.
Although structured as a stake purchase, the deal brought long-term overseas capital into India’s largest retail-focused NBFC. The funds are allocated for expansion in MSME lending and commercial vehicle financing. The transaction followed Shriram’s internal consolidation, completed in 2023.
Siemens Energy India
Siemens completed the demerger of its energy business into Siemens Energy India on March 25, 2025, with April 7 fixed as the record date. Shareholders received one share of the new company for every Siemens share held.
The company listed on June 19, 2025, debuting at Rs 2,850 on the BSE, nearly 20% above the discovered price of Rs 2,368. The stock moved to the upper circuit shortly after listing, pointing to strong demand for a standalone power transmission and distribution business.
Deals expected to close after 2025
Several high-value transactions initiated in 2025 are scheduled for completion in 2026, extending the deal cycle beyond the calendar year.
Kotak Mahindra Bank and IDBI Bank
Talks about the government’s sale of its 60.72% stake in IDBI Bank made headlines in the second half of 2025, with financial bids expected in mid-January 2026. The transaction is targeted for completion by March 31, 2026, with an estimated value exceeding Rs 1 lakh crore.
Kotak Mahindra Bank has emerged as a leading contender. If completed, the transaction would rank as the largest banking consolidation since the HDFC merger. Jefferies expects a largely equity-funded structure, potentially involving a 1:1 share swap, which would increase Kotak’s deposit base by nearly 45%. Fairfax Financial remains a competing bidder.
Apollo HealthCo
Apollo Hospitals Enterprise is keen about listing its digital health and pharmacy distribution business as a separate company under Apollo HealthCo. As of December 2025, the scheme remained under review with the NCLT.
The proposed entity, which includes Apollo 24/7 and the pharmacy backend, is projected to generate revenue of about Rs 16,300 crore in FY26. The listing is expected between late 2026 and early 2027, allowing the digital and distribution operations to trade independently from the hospital network.