BT CEO Immersives we bring you in depth and immersive conversations with India’s leading business stall worth’s, to understand what makes them tick and fetch unique industry insights across sectors. On this episode Sourav Majumdar & Anand Adhikari talk to veteran investment banker, Manisha Girotra, who now heads Moelis India, which is a global investment bank headquartered in New York. In the last two years , the ground was set for mergers and acquisitions. Globally, interest rates were low. There was surplus liquidity flowing into emerging markets like India. The domestic interest rates were also low. Indian companies were also deleveraged. In fact, most of them were sitting on cash. But the operating environment has suddenly changed for the worse early this year. Inflationary pressure has accelerated around the world in the post-Russia-Ukraine conflict. The central banks are already on an interest rate hiking spree. The companies, facing margin pressure due to higher input costs, have seen their market valuations correct big time. Will geopolitical developments and financial market volatility derail the M&A party? What is the future M&A outlook?