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Mumbai, July 14 Inbound and outbound mergers and acquisitions will cross the $100-billion mark by the end of 2007, according to Mr Deepak Parekh, Chairman of HDFC, at a seminar on London Listing with a special emphasis on alternative investment market (AIM).

He said that India is now the most attractive destination for foreign direct investment, pushing the US to the third position.

However, while talking about listing on AIM, he voiced his concern about special purpose acquisition companies (SPACs) raising capital for investment in India without any specific investment plans.

“They are blank cheque companies which do not have any specific strategy or business plan. There are about 10 India dedicated SPACs listed in the US and the UK and one listed on AIM,” he said.

He cited the examples of the acquisition of Mars restaurant and a broking company in Delhi by a UK-based SPAC. He added that SPACs should have credibility and a clean track record.

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