A wakeup call is hardly ever welcome. Core shareholders of Indian companies are being jolted awake by a hostile predator, a rare event in corporate India. In October, Renaissance Estates, a Delhi-based company owned by Abhishek Dalmia, made an open offer to buy Gesco, a property company owned by the Sheths, a prominent industrialist family with interests in the shipping business. Dalmia had bought up just over 10% of Gesco’s shares in the market, and bid for another 45% to gain control from the Sheths who own around 13%.
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