Cofacto said its review found adverse outcomes in 10 of 15 Indian acquisitions in Europe, while company filings show varied results across European operations.
In an X post on Nov. 3, Cofacto said its review covered 15 acquisitions and that 10 had adverse outcomes, citing impairments, sales under pressure, insolvencies and debt restructuring.
Investor and analyst Ishmohit Arora urged caution in a separate post, calling the deals a “yellow to orange flag” for capital allocation.
Suzlon said its 2007 bid for German wind-turbine maker REpower valued the business at €1.34 billion and was financed with debt and internal accruals. The company said the acquisition was intended to speed growth in European onshore and offshore markets and broaden its product range. In its 2014-15 annual report, Suzlon said it completed the sale of its 100% stake in Senvion on April 29, 2015, at a €1 billion equity value, with a possible earn-out of up to €50 million. Suzlon said the sale was aligned with its debt-reduction plan. The bid valuation and sale equity value are different measures and do not establish the investment’s net return.
Dr. Reddy’s Laboratories bought Germany’s betapharm for €483 million in cash in March 2006. For the years ended March 31, 2009, and March 31, 2010, it reported goodwill write-downs of ₹10,856 million and ₹5,147 million, respectively, and intangible-asset write-downs of ₹3,167 million and ₹3,456 million. The company cited Germany’s move toward tender-based purchasing, price erosion and weaker-than-expected tender results.
Tata Steel’s FY2026 results showed different performance across its European businesses. The Netherlands reported revenue of €6,028 million and EBITDA of €267 million, while the U.K. reported revenue of £1,978 million and an EBITDA loss of £217 million. Tata Steel reported a 24% EBITDA margin for India.
Jaguar Land Rover (JLR) reported a £244 million post-tax loss for FY2026. Its results do not separate the loss attributable to the acquisition from other factors. JLR reported £829 million in free cash flow for the quarter ended March 31, 2026, and a £2.2 billion outflow for the full year. The quarterly figure conflicts with Cofacto’s post, which described about £1 billion in cash burn for the latest quarter; the post and company results do not explain the difference. JLR said a cyber incident led to a production pause. It also cited tariff costs, competition in China and a planned wind-down of outgoing Jaguar models as pressures.
JLR management said it aims to reduce breakeven volumes toward 300,000 units within two years, supported by £1.7 billion in savings.
