The corporate sector in India is undergoing structural changes as a result of liberalization, privatization and openness
policies of the Government since early 1990s. Competitive pressures are high not only due to deregulation but also
due to globalization. Restructuring in the context of corporate management could be seen as the act of reorganizing
the legal, ownership, operational or other structures of a company. It is usually done for the purpose of making such
companies more profitable or better organized to meet their present realities and challenges. Restructuring may
include a change of ownership or ownership structure, demerger or a response to a crisis or major change in the
business such as bankruptcy, repositioning or buyout. Along with the rise in the number of Merger and Acquisition
(M&A) deals, the amount involved in such deals has risen over time. There is also an increase in the number of open
offers, albeit at a slower pace. With rising global energy demand, the oil and gas industry has a wide range of
challenges and opportunities across the upstream, midstream, downstream and oilfield services sectors. This
paper discusses the corporate restructuring strategy and financial performance of the four selected firms in the oil
and gas industry. The study has been based on secondary data collected about acquiring firms five years during pre
merger and five years during post merger period excluding the year of merger/acquisition.

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Profitability Ratios
Net Margin 0.21 0.21 0.000 1.000
PAT to EBIT 0.81 0.91 -2.059 0.109
Return on Investments (ROI) before
tax
0.33 0.25
4.616
0.010*
Return on Investments (ROI) after
tax
0.28 0.23 2.654 0.057
Return on Equity 0.38 0.29 4.890 0.008*
EPS 19.15 28.07 -3.918 0.017*
DPS 4.36 8.50 -3.658 0.022*
Payout 0.22 0.30 -2.457 0.070
10 Srusti Management Review, Vol -IX, Issue - I, January- June 2016
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17. www.icsi.edu
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