MS Advisors M&A & Corporate Advisory
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Boutique M&A & Corporate Advisory

Institutional advisory, at promoter scale.

We lead M&A, financial structuring and growth-capital mandates end to end — from origination to close — for promoter-led businesses in pharmaceuticals, specialty fine chemicals and allied sectors.

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31

Years of advisory and leadership experience

20

Of those years in leadership positions

2

M&A mandates advised since founding

The firm

A one-stop practice for running a business well

Founded in 2025 by Mitanshu Shah, after 31 years in senior finance and leadership roles.

Our story

MS Advisors is a boutique corporate advisory firm, built as a one-stop consulting practice for running a business efficiently. Since founding, the firm has advised on two M&A transactions — including the divestment of a controlling stake in a listed specialty fine chemicals company — and holds active mandates across pharmaceuticals, specialty fine chemicals, utilities and allied sectors.

We help clients achieve breakthroughs in growth and profitability, develop a performance culture, and translate their vision into a working road map — partnering and handholding rather than simply advising.

Our vision

To support clients in achieving breakthroughs in business growth and profitability, developing a performance culture, and creating a strategic plan that turns their vision into a road map.

Mitanshu Shah, Founder and CEO of MS Advisors

Mitanshu Shah

Founder & CEO · CMA, PGDBM

“I partner and handhold with clients rather than just advising. I roll up my sleeves and work with their teams to deliver solutions that work and are enduring.”

31 years across healthcare, chemicals, real estate, engineering and financial services.

Prior experience · 31 years

  • Arvind SmartSpaces LimitedChief Financial Officer
  • Alembic Pharmaceuticals LimitedSenior Vice President, Finance
  • Schneider Electric IndiaGeneral Manager, Finance & Legal
  • Sun Pharmaceutical Industries LtdSenior Executive, Finance
  • Sanofi India LimitedExecutive, Finance

Past record

Delivered in the founder’s prior corporate roles rather than as MS Advisors mandates — and the experience every mandate now draws on.

  • 20× sales growth

    Part of the leadership team that spearheaded profitable sales growth of 20× over 18 years at a previous organisation.

  • Public market fundraising

    Raised equity through an IPO and subsequent QIP and preferential issues.

  • M&A and JV transactions

    Led several M&A, disinvestment and joint venture transactions, onshore and offshore.

  • Capital allocation strategy

    Planned and executed a capital allocation strategy that generated an industry-beating CAGR.

  • Institutional relationships

    Built relationships across MNC and private banks, PE funds and AMCs, and secured stock coverage from marquee funds and broking houses.

  • Risk and treasury systems

    Built risk management matrices including the insurance portfolio, and implemented FX tools so global treasury ran as a profit centre.

Practice areas

What we are engaged to do

Five practice areas, each led end to end. Keep scrolling to move through them, or pick one.

Transformation & Business Finance

We help promoters build a finance function that lowers cost, brings agility, and instils the discipline of deciding on reliable data. The focus is impactful dashboards, automation and transformational cost reduction — not incremental fixes.

  • Cash Flow StrategyCash flow management built around the realities of the business.
  • Risk ManagementIdentifying and managing financial risk before it becomes a crisis.
  • Planning & AnalysisFP&A that supports real decisions, not just reporting.
  • Process & Cost EvaluationBusiness process evaluation and cost management across the organisation.
  • AOP DesignDesign and implementation of the annual operating plan system.

Financial Structuring & M&A

We advise promoters and boards through the capital and ownership decisions that define a company’s next stage — listing, acquisition, expansion financing. Each mandate is led end to end, from structuring through negotiation to close.

  • IPO / QIP AdvisoryIdentifying bankers and counsel, document creation, listing and pre-IPO advisory.
  • M&A AdvisoryValuation, financial and legal due diligence, and negotiations, onshore and offshore.
  • SyndicationGrowth, expansion and acquisition finance through banks and NBFCs, fund and non-fund based.
  • Strategic AdvisoryChange management, business model assessment, SWOT analysis and capacity building.
  • Cross-Border Set-UpOverseas holding and operating structures, offshore entity creation and accounting.

Investor Relations

We help listed companies strategise and operationalise an IR programme benchmarked against best practice. The goal is a cap table built on quality institutional ownership and a communication cadence investors trust.

  • IR StrategyStrategising and operationalising the investor relations plan.
  • BenchmarkingAssessing existing IR efforts against best practice.
  • Communication DecksInvestor presentations and kits, concall statements, transcripts and press releases.
  • Benpos & Equity AnalysisDeciphering Benpos data and equity movement.
  • Investor AccessMeetings with quality DII and FII investors to optimise the cap table.
  • Research CoverageSecuring coverage from analysts and broking houses.

Strategic Partnering with Promoters

For promoters who need a senior finance partner without a full-time hire, we operate as a virtual CFO’s office — handholding through projects, transactions and compliance so the founder stays focused on the business.

  • Virtual CFORunning the CFO’s office as an extension of the promoter’s team.
  • Project HandholdingProject management support for greenfield and brownfield projects.
  • International ForayFront-end and back-end support for overseas expansion and acquisitions.
  • Strategic SourcingSourcing and negotiation platforms for key supplier relationships.
  • ESG & Social ImpactESG strategy and execution, and social impact advisory.
  • Tax & Legal SupportDirect and indirect tax strategy and compliance, and critical legal issues.

Treasury Management & Growth Capital

We support promoters and family offices in managing capital and risk with the same discipline applied to operating decisions — spanning wealth management, hedging and debt syndication.

  • Family OfficeFamily office set-up and wealth management.
  • Hedging StrategyHedging against interest rate and exchange rate movements.
  • Debt SyndicationDebt syndication from banks and NBFCs.
  • Risk MitigationIdentification, assessment and mitigation of financial risk.

Where we work

Promoter-led businesses, at the point where ownership, capital and control are decided.

Key focus

Transactions

Mandates concluded for promoters and boards, and the sectors we hold active mandates in.

Manufacturing businesses, promoter-owned

Our mandates sit with founder-owned manufacturers: businesses built over decades, where a transaction decides not only price but who stewards the institution next. That is where the firm’s experience is deepest.

  • Sell-side M&A 2 closed
  • Change of control, listed 1 closed
  • IPO / QIP advisory Practice area
  • Debt syndication & growth capital Practice area
A manufacturing line of the kind operated by the firm's specialty chemicals and pharmaceutical clients
Deal announcement: MS Advisors advised the promoters of Kronox Lab Sciences Limited on the divestment of a 64.26% controlling stake to Indo Borax & Chemicals Limited

Change of control — listed to listed

Kronox Lab Sciences / Indo Borax & Chemicals

MS Advisors, with CNK & Associates LLP, acted as exclusive Strategic and M&A Advisors to the promoters of Kronox Lab Sciences Limited.

NSE: KRONOX · BSE: 544187  →  NSE: INDOBORAX · BSE: 524342

64.26%Controlling stake divested
9.95%Promoter stake retained
20 Aug 2026Agreement signed
~185Products in Kronox’s portfolio

Kronox Lab Sciences was built from 2008 by Mr Ketan Ramani, Mr Pritesh Ramani and Mr Jogindersingh Jaswal into a specialty fine chemicals manufacturer serving pharmaceutical, nutraceutical and biotech customers, and listed on NSE and BSE in 2024. Its promoters have divested a 64.26% controlling stake to Indo Borax & Chemicals Limited, triggering a mandatory open offer to public shareholders under the SEBI (SAST) Regulations.

MS Advisors led the mandate through a six-month process alongside CNK & Associates LLP, Sterling Associates as legal counsel, and the acquirer’s advisers — Sidwim, Deloitte and Cyril Amarchand Mangaldas. The promoters retain a 9.95% stake and will support a structured transition, passing the business to a well-capitalised listed group with complementary operations positioned to fund its next phase of growth.

“When founders of that calibre transition control, price is only one variable. Stewardship of the institution is the other, and it is the harder one to underwrite.”
Mitanshu Shah · Founder & CEO

Sell-side M&A

Maksons Fine Chem Pvt Ltd

Ankleshwar, Gujarat · First mandate closed under the MS Advisors banner

MS Advisors acted as exclusive sell-side advisor, leading the mandate end to end from origination to closure.

We advised the promoters of Maksons Fine Chem Pvt Ltd on its acquisition by a large India-based, PE-backed API platform with established interests in specialty fine chemicals and pharmaceuticals. It set the process discipline the firm now applies to every promoter mandate.

Accolades

Kumar Makadia Managing Director,
Maksons Fine Chem Pvt Ltd
“What stood out most was the speed and ease with which the entire process was navigated. A transaction of this nature, with its inherent complexities, was concluded in record time… His ability to deeply align with our perspective — understanding our priorities, our sensitivities, and our expectations — while simultaneously driving the transaction forward with clarity and conviction, was remarkable… We would not hesitate to recommend them, without reservation, to any promoter considering a transaction of significance.”

How we work

What a mandate with us looks like

We partner and handhold rather than simply advise — four commitments that hold on every engagement.

  • Hands-on partnership

    We roll up our sleeves and work alongside your team, from the first structuring note to the closing table.

  • Decisions on reliable data

    We bring the discipline of making critical calls on numbers that hold up under diligence.

  • Solutions that endure

    What we build has to still work two years after the mandate closes, not just on signing day.

  • Risk found early

    We identify exposure and build the frameworks to contain it before it reaches the board.

Clients

Who we have acted for

Mandates the firm is free to name. Others are held in confidence at the client’s request.

  • Kronox Lab Sciences Limited Promoters · change of control · 2026
  • Maksons Fine Chem Pvt Ltd Promoters · sell-side M&A

Worked alongside

  • CNK & Associates LLP — co-advisor
  • Sterling Associates — legal counsel

Enquiries

Considering a transaction?

If you are a promoter weighing a buy-side or sell-side transaction in pharmaceuticals, specialty fine chemicals, utilities or an allied sector, talk to us before you talk to a banker.

Email the founder directly

Telephone
+91 98240 33021
Email
mitanshu@msadvisors.in
Office
Third Floor, The Nirat, 18 Windward Business Park,
Behind Emerald One, Jetalpur Road,
Vadodara, Gujarat 390007