Selected engagements
Work that
moved the
needle.
20
8
3
Travel · Education · Strategy
Growth strategy for a leading tour operator’s travel & tourism academy chain
A leading Indian tour operator operated approximately 25 training academies offering vocational courses in travel and tourism. The client engaged us to assess the performance and potential of its academy business and define strategic options for growth both organic and inorganic. We analysed revenue, profitability, return on capital, and asset utilisation across centres, and mapped the growth opportunity across related courses, placement potential, and incremental profitability impact. We developed a structured set of strategic options covering both organic expansion and M&A pathways.
Corporate Finance · Strategy
Pan-India
Furniture · Manufacturing · Market entry
India market entry strategy for a global furniture component manufacturer
One of the world's largest thermoplastic edge band manufacturers planned to enter India and required a full market entry strategy. We delivered a detailed analysis of the Indian furniture segment - market size, growth, wood type share, and organised sector penetration - alongside qualitative product and consumer analysis including focus group discussions on edge band preferences by colour, type, finish, and dimensions. We identified optimal locations for warehouse and sales office setup across multiple states and delivered a full business plan including P&L, balance sheet, and cash flow statements.
Corporate finance · Strategy
West & North India
Cold chain · logistics · Infrastructure
Market assessment and business plan for cold chain infrastructure development
A major infrastructure player sought a comprehensive understanding of India's cold chain industry to support investment and business plan development. We assessed the market landscape current size, capacity gaps, demand drivers by commodity, and regional distribution of infrastructure deficits. We mapped the opportunity across pharmaceutical, agri-produce, and food processing segments, identified infrastructure investment requirements, and developed a detailed business plan. The engagement directly informed capital allocation decisions for a greenfield cold chain network.
Public sector · Operations
Pan-India
Warehousing · Due diligence
Commercial due diligence on a warehousing target for a private equity investor
A private equity fund engaged us to conduct commercial due diligence on a warehousing target as part of a proposed acquisition. We assessed the target's market positioning, competitive landscape, and operational model. Our scope covered market size and growth in organised warehousing, the target's share and defensibility of its position, key revenue drivers and assumptions, and an assessment of management's business plan projections. We also conducted sensitivity analysis on key assumptions and provided a structured view on the investment thesis and key risks.
Corporate finance · CDD
West India
Logistics · CDD · Capital raise
Commercial due diligence and market assessment for a leading logistics and cold chain operator
MJ Logistics a leading provider of storage,transportation, distribution, and cold chain solutions was planning a capital raise for expansion. The client required market assessment and commercial due diligence of their business plan to support investor discussions. We assessed the Indian logistics market across MJ's core segments,evaluated the reasonableness of business plan assumptions, and provided a structured view of competitive positioning. The engagement supported the company's fundraising process and investor presentations.
Corporate finance · CDD
Pan-India
Liquor · Consumer · Due diligence
Commercial due diligence on a liquor company acquisition target
A strategic acquirer engaged us to conduct commercial due diligence on a liquor company target in India. We assessed the overall Indian liquor market size, growth, premiumisation trends, and regulatory landscape and evaluated the target's competitive position within key segments. We reviewed management's business plan assumptions covering volume growth, pricing, margins, and distribution strategy, and commented on the reasonableness of projections relative to market dynamics.The engagement provided the acquirer with an independent view on the commercial merit of the transaction.
Corporate finance · CDD
North & West India
Packaging · Manufacturing · PE
Commercial due diligence on a packaging industry target for a PE fund
A private equity fund sought commercial due diligence on a packaging company target in India. We assessed the Indian packaging industry market size, growth by segment (rigid, flexible, paper-based), and end-use sector demand drivers. We evaluated the target's competitive positioning, client concentration, and the reasonableness of revenue and cost assumptions in the business plan. Sensitivity analysis on key variables volume growth, input cost inflation, and pricing power provided the fund with a clear risk-adjusted view of the investment.
Corporate Finance · CDD
West India
Waste management · Utilities · PPP
Commercial due diligence on an urban waste management and utilities company
A Japanese PE fund engaged us to conduct commercial due diligence on an urban infrastructure company with interests in water management, waste treatment, recycling, composting, and related municipal services. We assessed the regulatory framework governing urban utilities, reviewed the target's contract base and revenue assumptions, and evaluated the competitive landscape in waste management privatisation. We commented on key risk factors including municipal contract renewals, regulatory tariff changes, and capacity expansion assumptions providing a rigorous independent view for the investment committee.
Public Sector · Corporate Finance
West India
Glass · Manufacturing · M&A
Business due diligence on a glass manufacturer for a strategic acquisition
A strategic acquirer engaged us to conduct business due diligence on an Indian glass manufacturer. We assessed the glass industry across key segments flat glass, container glass, and specialty glass and evaluated the targets positioning, customer base, and manufacturing competitiveness. We reviewed two to three key revenue drivers including volume assumptions, pricing trends, and end-user industry growth, assessed the business plan's key cost assumptions, and commented on potential synergies and integration considerations from the acquirer's perspective.
Corporate Finance · CDD
North India
Port logistics · Infrastructure
Commercial due diligence on a port handling and storage company at Kandla
A Japanese trading and investment group commissioned commercial due diligence on a handling and storage target operating at Kandla Port one of India's largest cargo ports. We assessed the port logistics market, cargo throughput trends, the target's competitive position relative to other handlers at Kandla, and the robustness of volume and pricing assumptions in the business plan. Our review also covered the regulatory framework for port operations and the impact of planned infrastructure expansion on competitive dynamics at the port.
Corporate Finance . Infrastructure
Pan Gujarat · Kandla port
Freight forwarding · CHA · Due diligence
Commercial due diligence on a freight forwarding and customs handling agent
A PE fund engaged us to conduct commercial due diligence on a freight forwarding and customs handling agent (FF/CHA) target. We assessed the Indian freight forwarding market across key sectors, evaluated the target's competitive positioning and client concentration, and reviewed management's historical performance and business plan assumptions. Our scope covered revenue assumptions including volume growth and pricing by segment, key operating costs, sensitivity analysis on key business plan drivers, and an assessment of the impact of the carve-out on the target's focus businesses.
Corporate finance · CDD
West India
Logistics · Transportation · Japan strategic
Business due diligence on an Indian logistics company for a Japanese strategic investor
A major Japanese trading group sought business due diligence on an Indian logistics target with businesses spanning freight forwarding, transportation, and customs handling. We assessed the target's market positioning and competitive landscape, reviewed the business plan assumptions across the three focus businesses being carved into a separate entity, and evaluated the reasonableness of revenue and cost projections. We also assessed the impact of the proposed carve-out structure on the target's operating performance and key relationships providing the investor with a clear commercial basis for the transaction.
Corporate finance · CDD
Pan-India
Food & beverage · Market assessment · Japan
Market assessment for a Japanese food company's India entry in the health beverage segment
Kagome Limited a leading Japanese food company commissioned a market assessment to evaluate the opportunity for vitamin A-rich juice and health beverage products in India, with a specific focus on West Bengal. We assessed the national market landscape including market share of three to four key competitors in the vitaminenriched juice segment, identified top suppliers for packaging and food processing nationally and in West Bengal, and developed a market sizing and opportunity assessment to inform Kagome's India entry and distribution strategy.
Corporate finance · Market assessment
West Benga
Logistics · Vendor due diligence · Divestiture
Vendor due diligence for Navkar Corporation's proposed divestiture to an institutional investor
Navkar Corporation Limited a leading logistics infrastructure company engaged us to conduct vendor due diligence covering financial, tax, and commercial matters in relation to a potential divestiture. We provided an independent assessment of Navkar's business and financial position, reviewed key commercial assumptions and business plan projections, and prepared investor-grade vendor due diligence documentation. The engagement supported Navkar's sale process and provided prospective investors with a structured and credible basis for evaluating the opportunity.
Corporate finance · VDD
Navi Mumbai · West India
Chemicals · Manufacturing · M&A
Commercial due diligence on a specialty chemicals manufacturer
A strategic acquirer commissioned commercial due diligence on Gujarat Fluorochemicals Limited (GFL), a specialty chemicals manufacturer. We assessed the Indian market for GFL's key product portfolio, mapped top competitors by product type, regional presence, and customer base, and conducted a value chain analysis covering raw material sourcing, hazardous chemical handling requirements, transportation modes, and key consumption centres. We also assessed GFL's regulatory position and future growth plans relative to competitive dynamics providing the acquirer with a comprehensive commercial view on the target.
Corporate finance · CDD
Gujarat · West India
M&A · SPA advisory · Transaction
Sale and purchase agreement advisory for a cross-border acquisition transaction
A strategic acquirer in discussions to acquire an Indian business engaged us for Sale and Purchase Agreement advisory services. We identified and articulated the key value issues in the SPA covering purchase price mechanisms, cash, debt and working capital treatment, and financial and tax warranty positions. We analysed target balance sheets and due diligence reports to identify valuegenerating adjustments between enterprise value and equity value, assessed completion mechanism options, and assisted in drafting the financial aspects of the SPA to protect the client's commercial objectives through the transaction close.
Corporate finance · M&A
India
K-12 education · Feasibility · South India
Commercial due diligence and financial feasibility for an IB school development in Kerala
A food and hospitality company exploring diversification into K-12 education engaged us to conduct commercial due diligence and financial feasibility for an International Baccalaureate school in Kerala. We assessed the regulatory framework for IB schools in India, conducted a demand assessment for IB education in Kerala including customer survey design and competitive analysis, and developed a detailed financial model covering revenue assumptions student enrolment, fee structure, residential facility income and operating cost projections, with sensitivity analysis on key variables.
Corporate finance · Feasibility
Kerala · South India
Higher education · Market entry · Strategy
India market entry strategy for Carnegie Mellon University
Carnegie Mellon University engaged us to develop a market entry strategy for higher education in India. We assessed the regulatory environment for foreign university entry covering the Foreign Education Providers bill and applicable frameworks and evaluated market opportunity across STEM, management, and professional education segments. We assessed partnership models, campus location options, demand dynamics, and competitive positioning relative to Indian and international institutions. The engagement provided Carnegie Mellon with a structured, regulatorycompliant market entry roadmap for India
Public sector · Strategy
Pan-India
Education · Infrastructure · Feasibility
Feasibility, business plan and marketing strategy for a Knowledge and Education City development
Everonn Education engaged us to develop a comprehensive feasibility study, business plan, and marketing strategy for a Knowledge and Education City project in Solan, Himachal Pradesh. We assessed the Indian higher education and vocational training market, evaluated PPP frameworks applicable to the development, and designed the institutional mix K-12, higher education, vocational training, and student housing. We developed the financial model, marketing plan, and phased development strategy, and provided the developer with a fully investor-ready feasibility package for the project.
Public sector · Strategy
Himachal Pradesh · North India
Industrial safety · Asia strategy · Consulting
Market entry and growth strategy for a global industrial safety group across Asia
Capital Safety Group a global leader in fall protection and industrial safety equipment engaged us for consulting support on its Asia growth strategy, with India as a primary focus. We assessed the Indian industrial safety market market size, regulatory drivers, key end-user industries (construction, oil and gas, manufacturing), and competitive landscape. We provided the client with a structured market entry framework covering channel strategy, product localisation requirements, regulatory compliance, and partnership options positioning Capital Safety for its next phase of growth in India and across Asia.
Corporate finance · Strategy
Pan-India · Asia
Every engagement.
The same
commitment.
These twenty engagements span a decade of work across industries, geographies, and transaction types. The sectors change. The clients change. What does not change is our approach map the field before recommending a path, hold strategy
and operations together, stay present until outcomes are delivered.
8
Sectors covered
12+
States across India
6
Cross-border engagements
3
Practice areas represented