Indranil Ghosh has quit Cerberus Capital to join Apollo Global, according to reports. Cerberus, which manages a $1-billion-plus India loan book, is a major financier of bonds from Shapoorji Pallonji group firms backed by Tata Sons shares, with roughly $700–800 million in exposure. Despite the leadership change, Cerberus’s India team reportedly hasn’t seen broader staff movement.
AI firms are increasingly buying startups to quickly assemble “full-stack” capabilities as enterprises ramp up large-scale AI deployments. The push is less about headcount and more about securing complementary product features and valuable intellectual property. With the market changing rapidly, consolidation is emerging as the fastest route to cover gaps and win enterprise-ready AI systems.
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JSW Infra’s INR1,200-crore acquisition of three promoter firms has drawn scrutiny as the company claims it gains quicker access to railway permits and rakes under schemes that are currently under a moratorium. Analysts, however, argue the listed entity could have built the same capacity independently, potentially avoiding costs of more than INR500 crore.
Accenture is accelerating AI-focused acquisitions, signaling a shift for large firms that once stayed on the M&A sidelines. For Indian IT, deals in the AI era could expand market share, but they may also strain return on invested capital. The question now is whether Indian IT is willing to pay that ROIC trade-off and integrate faster than competitors.
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