Passionate about “Mergers & Acquisitions” (M&A), Dr. Kamal Ghosh Ray is the internationally acclaimed author of a book on the same subject. He has also authored 17 case studies on M&A that are currently used in many leading business schools. Dr. Ghosh Ray is one of the most senior professionally 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 (ICWA) examination on all India basis in 1984. He acquired his bachelors (1974), masters (1976) and PhD (1990) from Calcutta University for his work on "Qualities of Corporate Annual Reports and Accounts in India". He has more than four decades of corporate and academic experience, having worked in senior positions at multinational corporations like ABB, Flakt, Heilgers, etc. 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 Supérieure 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 four 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, Vietnam, etc. He received academic mentorship 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).

• In ABB, undertaken independent research on forecasting top & bottom lines and improvement of financial performances of SBUs through ‘Cash Eligibility’ & ‘Transfer Pricing’ modelling. Performed diagnostic tests of insolvency forecasting (using Altman’s prediction model) of customers of ABB.
• Led 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.
• As lead researcher of the Indian counterpart (along with ESC, Dijon, France and World Association for SMEs, India) made research proposal in 2005 on ‘SME Collaborations between India and Europe' for the research project sponsored by the European Commission, Brussels.
• As research team leader of the Indian counterpart (along with the University of Bradford, UK) made research proposal in 2006 on ‘Triple Bottom Line and Corporate Governance’ for the research project sponsored by the UK-India Education and Research Initiative (UKIERI).
• 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.

Book

‘Mergers and Acquisitions: Strategy, valuation and Integration’, Prentice Hall of India, New Delhi, 2010, PP 888, (first reprint in 2011, second reprint in 2013 and third reprint in 2015). Widely cited internationally (ref. google scholar). (Under revision now)

Book Chapters

• ‘Advances in Mergers and Acquisitions*’Vol.19, Emerald Publishing Group, UK, 2020 [Chapter titled, ‘Hostile Takeover: Who Benefits from Virtual Business Combination?’]. [Scopus Indexed]
• ‘Advances in Mergers and Acquisitions*’Vol.16, Emerald Publishing Group, UK, 2017 [Chapter titled, ‘Can SPACs Ensure M&A Success?’] (July 2017). [Scopus Indexed]
• ‘Advances in Mergers and Acquisitions*’Vol.14, Emerald Publishing Group, UK, 2015 [Chapter titled, ‘Configuring Management Buyouts to Ensure Value Fairness’] (July 2015). [Scopus Indexed]
• ‘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’] (October 2015). [Scopus Indexed]
• ‘Advances in Mergers and Acquisitions*’Vol.12, Emerald Publishing Group, UK, 2013 [Chapter titled, ‘Cross-Border Mergers and Acquisitions: Modelling Synergy for Value Creation’]. [Scopus Indexed]
• ‘Theory and Practice of Case Method of Instruction’ Excel Books, New Delhi, 2007 [Chapter titled, ‘Production Incentive Scheme at Kumardhubi Fireclay and Silica Works Ltd’.(Case)].
• ‘Effective CFO: Roles and Responsibilities’, ICFAI University Press, Hyderabad, 2004 [Chapter titled, ‘CFO: The Second in Command’].

Journals and Magazines

• Ghosh Ray Kamal (2019), ‘Green Cost Calculus for Corporate Environmental Responsibility’, Social Responsibility Journal, Vol.15, No.6, Emerald Group Publishing Limited,UK, [ABDC-B category and Scopus Indexed Journal]
• Ghosh Ray Kamal (2018), ‘Seize the Synergy: Indian M&A Landscape’, Indian Management, Vol.57, issue 2.
• Ghosh Ray Kamal (2009), ‘The Forgotten Managing Agency System: A Nineteenth Century Model of Indian Corporate Governance’, Social Responsibility Journal, Vol.5 No.1, Emerald Group Publishing Limited,UK, pp.112-122. [ABDC-B category and Scopus Indexed journal]
• Ghosh Ray Kamal (2004), ‘ABB-Flakt Merger in India: A Case Analysis’, Acta Press, Calgary A.B.,Canada. (www.actapress.com/PDFViewer.aspx?paperId=17490).
• Ghosh Ray Kamal (2003),‘CFO: The Second in Command’, GTNews, London, (www.gtnews.com/article/5001.cfm).
• Ghosh Ray Kamal, (2006), “Triple Bottom Line for Enhancing Stakeholders’ Value: Need for Designing Alternative Models of Corporate Governance”, Corporate Social Responsibility and Leadership, Feb, British Council, New Delhi.
• Ghosh Ray Kamal and Vineeta Duttaroy, (2006), “Corporate Concern for Environment: A Tool for Enhancing Stakeholders’ Value” Corporate Social Responsibility and Leadership, Feb, British Council, New Delhi.
• Ghosh Ray Kamal (2009), ‘Modelling Strategies for Corporate Growth: The Architecture of Value Creating Mergers & Acquisitions’, Vignana Jyothi Journal of Management, Vol.1, Issue 1, Hyderabad, pp. 1-32.
• Ghosh Ray Kamal, (2005), ‘Governance in SMEs’, The Edge,March.
• Ghosh Ray Kamal,(2005), ‘The Forgotten History of Indian Corporate Governance’, June, India Infoline (www.indiainfoline.com/bisc/ari/corp.pdf).
• Ghosh Ray Kamal,(2004) ‘eXBRL and Corporate Governance’, The Edge, October.
• Ghosh Ray Kamal (2001), “Corporate Governance and Reporting Practices in India: A Study”, Management and Change, Volume 5, No. 2 (Winter), pp.423-442.

Cases Written
Full lenghth cases

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.

Small Cases

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 Salem 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

Presentations in International conferences

• ‘Pollute and Perish: A Financial Model of Socio-Economic Dichotomy in Indian Milieu’, has been accepted for presentation at the 18th International Conference on Corporate Social Responsibility, at Barcelos, Portugal,Sept 10-13, 2019.
• I have been invited by the Financial Management Association International, College of Business administration, University of south Florida, USA to Chair 32nd Session on Mergers and Acquisitions-2 for the 2019-FMA Asia/Pacific conference held in Vietnam from 10-12 July 2019.
• ‘Aligning Green Supply Chain Management with Corporate Social Responsibility: A Strategic Initiative for Competitive Advantage’, paper accepted for presentation at the 10 th International Conference on Corporate Social Responsibility, Loyola University, New Orleans, USA.
• ‘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.
• ‘Modelling Corporate Social Responsibilities of Indian SMEs: A Convergence of Owners and Stakeholders Through Triple Bottom Line’, Sept, 2008, University of Durum, UK. Paper accepted for presentation.
• ‘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.
• ‘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.
• ‘Mergers & Acquisitions Architecture’, Nov, 2004, Martin J. School of Management, University of Syracuse, New York, USA.
• ‘M&A Architecture’, Nov, 2004, MIT, Cambridge, USA, organized by International Association of Science and Technology for Development
• ‘Mergers & Acquisitions in India’, April, 2003, Department of Management, Amman University, Jordan.
• ‘Curriculum Development in Management Education’, June, 2002, Global Forum 2002 for Management Education (MOM session), Bangkok, Thailand.
• ‘Developments in Management Education’, April, 2002, Management Education Exchange Programme, Istanbul, Turkey, organized by IEEC, Germany.

Presentations in national conferences

• ‘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.
• ‘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.
• ‘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.
• ‘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.
• ‘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.
• ‘Designing Alternative Models of Corporate Governance’, Feb, 2006 – paper presented at the International Business Summit jointly organized by Foundation of Indian Industry & Economists and Frost & Sullivan, New Delhi.

In Monsoon Semester in AU:

• Strategic Corporate Finance

In Winter Semester in AU:

• Business Valuation
• Corporate Restructuring, Mergers and Acquisitions

Has proficiency in teaching Business Models, Revenue Management, Enterprise Risk Management, Strategic Cost Management, Project Appraisal & Financing, …

• Ph.D. thesis examiner of the Indian Institute of Technology (IIT), Delhi and Indian Institute of Foreign Trade (IIFT), Delhi.
• Memberships In Professional Bodies
  • Institute of Cost Accountants of India - Associate Member
  • National Council of Education, Bengal - Life Member
  • Social Responsibility Research Network, UK - Member
  • Literati Network, Emerald Publishing Group, UK – Member
  • Financial Management association International, University of South Florida, USA
• Sapphire Global Finance Limited, Calcutta Period: January 1996 to May 1998, Position held: MD/CEO
• Flakt India Ltd./ABB Limited, Calcutta, Chennai Period: December 1982 to January 1996, Position held: Segment Controller-Environment SBU
• Kumardhubi Fireclay & Silica Works Ltd., Dhanbad / Heilgers Ltd., Calcutta Period: March 1979 to December 1982. Position held: Manager - Cost
• National Textile Corporation Ltd, Calcutta Period: April 1977 to March 1979. Position held: Assistant Manager - Costing
• Conducted various Management Development Programmes on ‘Mergers and Acquisitions’ and ‘Finance for Non-Finance Executives’ for the executives of Bharti-Airtel, Pepsico, Bharat Shell, HCL, Areva-T&D, NTPC, MTNL, NHPC, Exxon Mobil, Sony Corporation, Alstom, Siemens, SAIL, Lafarge Cement, Union Bank, Chambal Fertilizers, Marathon Electric, HAL, Matrix Lab, to name a few.
• Conducted various capacity building training programmes on ‘Project Formulation and Implementation and Finance’ for civil servants (IAS, IFS and IPS officers) of the Government of India and the economists of the National Productivity Council, New Delhi.
• Imparted Faculty Development Programmes for B-School teachers sponsored by Ministry of Human Resource Development, Government of India.