This case describes the growth of ReNew Power during its first decade of operation. Sumant Sinha, a first-generation entrepreneur and former banker, founded the company, which grew from a modest generator-cum-developer of wind energy-based electricity to one of India's largest companies in the renewable energy sector. With the entry of large, well-funded players such as Tata Power and Adani Green into the Indian renewable sector by the end of 2020, Sinha had to make a strategic decision: should ReNew continue to organically scale up its presence in an increasingly competitive yet expanding Indian renewable energy sector, should it diversify geographically, or should it pursue emerging opportunities for vertical or horizontal integration within the sector? The case provides an opportunity to discuss how alternative business models and competitive scenarios may facilitate or inhibit the growth of a player in the renewable energy sector.

Essar Steel India Limited was one of the first 12 firms admitted for insolvency resolution under a newly created law in India-the lnsolvency and Bankruptcy Code, 2016. The case describes the challenges faced by the professional turnaround firm Alvarez and Marsal India (A&M) that was appointed by the committee of creditors to preserve and enhance value before Essar Steel could be sold to a new investor at a price that would minimise the "hair cut" for the creditors. Mr Nikhil Shah, a managing director at A&M, reflected on his team's experience with simultaneously turning around Essar Steel and managing the processes laid out by the code as per the law. The case provides insights into how insolvencies were dealt with in India under the new code and how a professional firm managed a financially distressed firm and turned it around.

On March 18, 2019, Yuvraj Mehta, head Corporate Brand Management & Communications (CBMC) at Larsen & Toubro (L&T), heard about negative media narratives against L&T, following a high-profile merger and acquisition (M&A) between the company and Mindtree. Some of the allegations against L&T were "hostile takeover" and "destruction of Mindtree's culture." Mehta was faced with the issues of influencing all stakeholders; turning the tide and changing the narrative from hostile takeover to continuity, growth and profitability; and integrating Mindtree and its employees and culture into L&T. Compared to L&T's previous acquisitions, which were small, and other strategic initiatives, which were mostly organic, Mindtree acquisition was the largest (in value terms) in its history. It was also the most complex as Mindtree promoters aggressively resisted the acquisition, and L&T had to acquire a large number of shares through an open offer. Media speculations began in January 2019 when L&T, the engineering and construction giant, planned to acquire a majority stake in the young IT firm, Mindtree. Soon the reporting changed to aggressive media ranting. Time was at a premium. Mehta knew he would need to begin strategising almost immediately. How should he proceed? What should be his first move?

Case B contains a description of the deal between the Trust's original Sponsor (Sterlite Power) and a new set of financial investors led by KKR. The new investors first entered as an additional Sponsor and eventually replaced the original Sponsor to become the IndiGrid Trust's sole Sponsor. Through the deal, the incoming investors and the eventual Sponsor committed to buying five of the original Sponsor's transmission projects as and when they became operational, with two such operational projects to be acquired immediately. The case concludes with a summary of the consequence of this change on the outlook of the Investment Manager, now owned by the incoming Sponsor. The Investment Manager, freed from the limiting interest of the original Sponsor, had to search for investment opportunities from the perspective of incoming financial investors, which included the new Sponsor.

Corporate Social Responsibility (CSR) has emerged as an important area of corporate attention in an informationally integrated world. Corporates are realizing that how they are perceived by the larger society, has a bearing on their capacity to function effectively and create shareholder value. The task of developing and implementing the CSR strategy for Torrent Group was entrusted to Markand Bhatt, a veteran executive in the group. Documenting the challenges faced by Bhatt and the decisions he was required to make the case details the context for an in-depth discussion on the process of design and execution of CSR strategy.

The case recounts a significant attempt at social transformation through a simple mechanism of providing cooking gas to the marginalised in society. Targeting about 80 million BPL (below the poverty line) households in India that still used dung cakes, firewood, and coal as the primary fuel for cooking, the government conceived the Ujjwala scheme to replace these traditional fuels with liquefied petroleum gas (LPG), a clean fuel. The scheme had the potential to achieve major social transformation through women empowerment. The women would have more time to engage in economic activities and improve the health of households. This scheme would particularly improve the health of women who were directly affected by the polluting fuels. Launched on May 1, 2016, the scheme was very successful in terms of the number of households covered, as the target group across the country enthusiastically embraced it. By January 2018, the scheme had already covered over 30 million families. While reviewing the scheme's progress, the Minister for Petroleum and Natural Gas-responsible for its execution-realised that several key decisions regarding Ujjwala would require careful resolution to ensure that the social benefits from the scheme were sustained.

The case describes the structure of one of the earliest infrastructure investment trusts (InvITs) created and launched in Indian markets in 2017. IndiGrid was an InvIT created by Sterlite Power Grid Ventures Limited (SPGVL), the Sponsor. As a developer, SPGVL had been in the business of constructing and making available transmission links and assets to the grid operator on the basis of competitively bid annuity-like payments over 25 to 35 years. IndiGrid, an InvIT, acquired the transmission assets of the Sponsor to enable wider participation of investors. As the case illustrates, InvITs were allowed to act as pass-through vehicles for tax purposes in order to facilitate investors' direct participation in financing private-sector infrastructure investments. Historically, most investments made by private players in the infrastructure sectors in India relied on bank debt and risk capital brought by the developers or mobilised via equity markets.

The case describes the strategy of a large Indian Public Sector Bank (PSB) to enhance financial inclusion and financial literacy of less privileged people located in poorly accessible parts of India. While pursuing the developmental objective 'imposed' by the Central Bank/government, being a listed entity, the PSB had to be mindful of the financial viability of the strategy so as to protect the interest of its minority shareholders. The issues covered are endemic to most developing countries where public enterprises often become instrumentality of the state.

The case described the issues faced by a mid-sized Indian generic pharmaceutical firm, in its attempt to acquire a small unlisted Japanese generics manufacturer. It showcases the strong motivation of a successful emerging market pharmaceutical firm to expand into the developed market, buoyed by its cost competitiveness. The case presents an opportunity to discuss the trade-offs involved with most of the dynamic decisions in a cross-border acquisition, such as estimation of synergies and value, bidding, and financing the acquisition. The case may be used in programmes on valuation, and mergers and acquisitions.

Disinvestment of government shareholding in Public Sector Undertakings, through Public Offers, is a common occurrence in many economies. This case describes such a process of disinvestment of the government of India's stake in a large power utility, National Thermal Power Corporation (NTPC) in India. In addition to process details, the case contains information and data that make it possible to rigorously analyze the response of market participants and the resulting changes in the prices of shares of NTPC before, during and after the public offer.