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Passionate about “Mergers & Acquisitions”, Dr. Kamal Ghosh Ray is the internationally acclaimed author of a book on the same topic. He has also authored 17 case studies on mergers and acquisitions that are currently used in many leading business schools. Dr. Ghosh Ray is one of the most senior qualified Cost and Management Accountants in the country today. He has the unique distinction of being one of the two candidates who qualified post-CMA examination on all India basis in 1984. He acquired his bachelors, masters and Ph.D. from Calcutta University in 1990, for his work on "Qualities of Corporate Annual Reports and Accounts in India".

Dr. Kamal Ghosh Ray has four decades of corporate and academic experience, having worked in senior positions at multinational corporations like ABB, Flakt, Heilgers, etc. As managing director of Sapphire Global Finance, Calcutta, he devised and implemented many new management thoughts and practices. He was also a visiting professor with Jadavpur University, Indian Institute of Bankers, and Institute of Cost Accountants of India (ICAI), besides serving as the dean and director of many top rated Indian business schools. Dr. Ghosh Ray was also a visiting professor of finance at Ecole Superiore de Commerce, Dijon, France.

Bestowed a senior honorary fellowship by the Institute for Mergers, Acquisitions and Alliances (IMAA), Vienna, Austria, in 2015, Dr. Ghosh Ray is in a core group for international research on M&A led by Manchester University Business School, UK and Tuck School of Business, Dartmouth, USA. As a member of this group, he has published three research papers on M&A in Scopus indexed book series, "Advances in Mergers and Acquisitions". He has also published research papers in ABDC listed journals. Dr. Ghosh Ray has presented his research papers in MIT, Syracuse University, Queensland University, Amman University, etc. and in many national and international forums including Thailand, Turkey, etc. He received academic mentorship training from Harvard Business School, Wharton School and University of St. Thomas, Minnesota. He is a Ph.D. thesis examiner of IIT Delhi and IIFT Delhi.

Dr. Ghosh Ray was a nominee for the position of Chairman of Competition Commission of India (2015), and of Executive Director of Calcutta Stock Exchange (1996) and Delhi Stock exchange (2000).

Courses Taught

Dr. Ghosh Ray teaches courses on ‘M&A’, ‘Business valuation’, ‘Business Models’, ‘Revenue Management’, ‘Financial Accounting’, ‘Cost & Management Accounting’, ‘Working Capital Strategy’, ‘Corporate Finance’, ‘Project Appraisal & Financing’, ‘Corporate Governance’, ‘Corporate Environmental Responsibility’ and other courses.

Research Publications

  1. Book titled, ‘Mergers and Acquisitions: Strategy, valuation and Integration’, Prentice Hall of India, New Delhi, 2010, PP 888, (first reprint 2011, second reprint 2013 and third reprint 2015).
  2. ‘Advances in Mergers and Acquisitions, Emerald Publishing Group, UK, 2017 [Chapter titled, ‘Can SPACs Ensure M&A Success?’].
  3. ‘Advances in Mergers and Acquisitions, Emerald Publishing Group, UK, 2015 [Chapter titled, ‘Configuring Management Buyouts to Ensure Value Fairness’].
  4. ‘Transforming Governance: New Values & New Systems in the New Business Environment’ Gower Publishing, UK, 2015 [Chapter Titled, ‘Corporate Governance and the New Tasks of the Board’].
  5. ‘Advances in Mergers and Acquisitions, Emerald Publishing Group, UK, 2013 [Chapter titled, ‘Cross-Border Mergers and Acquisitions: Modelling Synergy for Value Creation’].
  6. ‘The Forgotten Managing Agency System: A Nineteenth Century Model of Indian Corporate Governance’, Social Responsibility Journal, Vol.5 No.1, Emerald Group Publishing Group,UK, 2010.
  7. ‘Effective CFO: Roles and Responsibilities’, ICFAI University Press, Hyderabad, 2004 [Chapter titled, ‘CFO: The Second in Command’].
  8. Lead a research project and developed the ‘Concept Paper’ in 2005 on ‘Public Governance and Development Divide of Indian States’ sponsored by Initiative for Change Centre for Governance.
  9. Worked as consultant for the National Productivity Council, New Delhi in 2004 for the research project, ‘Cost of Health Care Services Provided by Private and Public Facilities’ sponsored by Ministry of Health and Family Welfare, Government of India.

Case Studies

  1. ABB-Flakt Merger in India: An Analysis.
  2. The Rise and Fall of Bird & Company: An Untold Story.
  3. Grasim Acquired Larsen and Toubro’s Cement Plants.
  4. Spentex Industries Limited Acquired Indo Rama Textiles Limited.
  5. Monnet Ispat Limited Acquired Monnet Power Limited.
  6. Acquisition of Bank of Madura by ICICI Bank.
  7. Shaw Wallace Bought GENELEC: A Case of Due Diligence Failure.
  8. Leveraged Buyout of Tetly (UK) by Tata Tea (India).
  9. Acquisition of RJR Nabisco by KKR Through Leveraged Buyout.
  10. Production Incentive Scheme in Kumardhubi Fireclay & Silica Works Ltd.
  11. Corporate Valuation and Indian Politics: Sale of 51% Stake of BALCO to Sterlite Industries.
  12. Sale of Viva and Maltova Brands.
  13. Goodwill of Slaem Steel Plant.
  14. Swap Ratio and the Failed Merger between Global Trust Bank and UTI Bank.
  15. Merger of Reliance Petroleum Ltd. With Reliance Industries Ltd.
  16. Merger of ICICI Bank With ICICI Limited
  17. Disinvestment of 26% Stake Of Government Of India In Indian Petrochemicals Corporation Limited (IPCL) To Reliance Industries Limited (RIL)
  18. Acquisition of ETC Networks by Zee Telefilms Limited

Conferences Presentations

  1. Chaired the Technical Session on ‘Curriculum Design of Strategic Management Courses in B-Schools’, May, 2005 in the Annual Convention of Strategic Management Forum, organized by Indian Institute of Forest Management, Bhopal.
  2. Delivered key-note address at the national conference on Mergers and Acquisitions, organised by Commerce Association, Hyderabad, December, 2007.
  3. Addressed women entrepreneurs at the Vidarbha Industrial Association, Nagpur, February, 2012.
  4. Delivered key-note address at the international conference on Mergers & Acquisitions and Corporate Restructuring, organised by Igniting Brains at India Habitat Centre, New Delhi, June, 2012.
  5. Addressed as chief guest at the national conference on ‘Contemporary Issues Relating to Research Methodology in Current Scenario’,organised by the department of management studies of G.H. Raisoni College of Engineering, Nagpur in January, 2013.
  6. ‘Aligning Green Supply Chain Management with Corporate Social Responsibility: A Strategic Initiative for Competitive Advantage’, paper presented at the 10th International Conference on Corporate Social Responsibility, Loyola University, New Orleans, USA.
  7. ‘Creating Value through Cross Border Mergers and Acquisitions: An Impact Analysis of EU-India Free Trade Agreement on the Theory of Synergy’, 25–27, November, 2010, International Conference held in Mumbai, organised by Reutlingen University, Germany.
  8. ‘Modelling Corporate Social Responsibilities of Indian SMEs: A Convergence of Owners and Stakeholders Through Triple Bottom Line’, Sept, 2008, University of Durum, UK.
  9. ‘The forgotten Managing Agency System: A Nineteenth Century Model of Indian Corporate Governance’, 16-17 June 2006, Association of Business Historian Conference, Queen Mary, University of London.
  10. ‘Aligning corporate governance with the objectives of small and medium enterprises: an Indian perspective’, Feb, 2006, 16th International Conference of Corporate Law Teachers organized by the University of Queensland, Brisbane, Australia.
  11. ‘Mergers & Acquisitions Architecture’, Nov, 2004, Martin J. School of Management, University of Syracuse, New York, USA.
  12. ‘M&A Architecture’, Nov, 2004, MIT, Cambridge, USA, organized by International Association of Science and Technology for Development
  13. ‘Mergers & Acquisitions in India’, April, 2003, Department of Management, Amman University, Jordan.
  14. ‘Curriculum Development in Management Education’, June, 2002, Global Forum 2002 for Management Education (MOM session), Bangkok, Thailand.
  15. ‘Developments in Management Education’, April, 2002, Management Education Exchange Programme, Istanbul, Turkey, organized by IEEC, Germany.
  16. ‘Corporate Concern for Environment: A Tool for Enhancing Stake Holders’ Value, May, 2005 - paper presented in the Annual Convention of Strategic Management Forum, organized by Indian Institute of Forest Management, Bhopal.
  17. ‘Governance Initiatives in NGOs: Ensuring Effective Delivery of Services’, May, 2005 - paper presented in the Annual Convention of Strategic Management Forum, organized by Indian Institute of Forest Management, Bhopal.
  18. ‘Risk Management in Financial Intermediation Process’, June, 2005 – paper presented at the International Conference on India Inc.- Towards Global Benchmarking, jointly organized by PricewaterhouseCoopers and Foundation of Indian Industry & Economists, New Delhi.
  19. ‘Strategies for Sourcing Funds via Capital Markets’, June 2005 – paper presented at the International Conference on India Inc.- Towards Global Benchmarking, jointly organized by PricewaterhouseCoopers and Foundation of Indian Industry & Economists, New Delhi.
  20. ‘Accelerating Compliance of BASEL II by Indian Banks: The Need for Second Generation Reforms’, Feb, 2006– paper presented at the International Business Summit jointly organized by Foundation of Indian Industry & Economists and Frost & Sullivan, New Delhi.