During the post-1991 period, corporate India is witnessing a flurry of merger and acquisition (M&A) activity. The value of the open offer bids last year doubled from that in 1997-98, and was 10 times that of 1996-97. Not surprisingly, it is the mutlinational corporations or MNCs that are on a rampage, in most sectors. Today, a significant part of the food and beverages market is now controlled by companies such as Hindustan Lever Limited, Coke, PepsiCo, Kellogg's and McDonalds.

Multinationals, similarly, have consolidated their market share in the pharmaceutical sector as well.

The automobile sector has seen most Indian players relinquishing their stake in favour of MNCs.