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Mergers and Acquisitions in India’s Steel Sector: Evaluating Corporate and Shareholder Growth through VRIO

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  • Trilochan Jena.

    (Assistant Professor, RV University, Bengaluru, Karnataka)

  • Pradipta Kumar Sanyal

    (Professor, Birla Global University, Bhubaneswar, Odisha)

Abstract

This study examines whether domestic mergers and acquisitions (M&A) undertaken by listed Indian steel companies between 2010 and 2024 create shareholder and operational value, and how strategic resource complementarities influence outcomes. It integrates market reactions, post-merger performance, and VRIO-based synergies in a capital-intensive, cyclical industry. An event study with the NIFTY50 benchmark measures short-term market reactions. A matched difference-in-differences (DiD) framework evaluates three-year pre- and post-merger changes in return on assets, asset turnover, and sales growth. VRIO scoring, based on valuable, rare, inimitable, and well-organised resource attributes, assesses strategic fit. Robust standard errors and matched controls mitigate selection bias. Target firms earned +5.0% cumulative abnormal returns (CAR) over [−1, +1] days (p

Suggested Citation

  • Trilochan Jena. & Pradipta Kumar Sanyal, 2025. "Mergers and Acquisitions in India’s Steel Sector: Evaluating Corporate and Shareholder Growth through VRIO," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 12(13), pages 4320-4330, August.
    • Handle: RePEc:bjc:journl:v:12:y:2025:i:13:p:4320-4330
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