Published Online:March 2026
Product Name:The IUP Journal of Case Folio
Product Type:Article
Product Code:IJCF080326
DOI:10.71329/CaseFolio/2026.26.1.98-117
Author Name:V S Pai
Availability:YES
Subject/Domain:Management
Download Format:PDF
Pages:98-117
Religare Enterprises Ltd. was a fairly significant player in India’s fast-growing financial services market. The company went through a roller-coaster phase when its highflying founders had to depart after facing fraud charges. In the process, Religare’s performance nosedived. However, Rashmi Saluja, CEO of the company, along with the board, turned the company around. Observing that the founders were no longer part of the company, Mohit Burman, Chairman of Dabur India, decided to acquire shares of Religare. When the open offer was made to acquire a controlling stake in the company, Religare’s CEO and its board did not cooperate. This resulted in acrimony between the Burmans and the company. In the process, Burman’s game plan to acquire Religare went awry.
In 2018, Mohit Burman, Chairman of Dabur India Limited (Dabur), decided to invest in Religare Enterprises Limited (Religare), a financial services company located in New Delhi, India, in which its promoters had divested their stakes.i There was compatibility between some of the businesses of the two companies, which could result in synergies as well as the scaling up of operations for Dabur. Burman was keen to consolidate and expand Dabur’s business interests in financial services, and Religare offered an excellent opportunity.ii Dabur had grown opportunistically through joint ventures and acquisitions. Balsara Hygiene and Home Products in 2005, Fema Care Pharma in 2008, Ajanta Pharma in 2011,iii and Badshah Masala in 2023iv were some prominent instances of Dabur’s successful brownfield expansion initiatives.