True re: dilution but any shareholding beyond 30% still means effectively he controls the firm.

I think the acquisitions, as happened with ScanGroup, build capacity and broader market penetration. That said, if an acquisition goes wrong it will hurt the firm which pays out cash for these firms/brands.

Another worry in any acquisition is the cost of taking on the employees of the acquired firm.
What's the culture?
What's the pay packet?
Where's the loyalty?
What's the effect on EXISTING employees?

A dubious listing?

While everyone is posting losses, this gem is quietly doing good numbers in the middle of pandemic and lockdowns.

- Flame Tree Group pre-tax profit up by 64% (148,4 million)
- Profit after tax for FY2020 increased by +67% up to 75.2 million.
- Gross margin growth 39% (+318.8 million vs. LY) from 34% to 39%.
- Sales up by +20%

LINK

The share price performance, like many other firms on the NSE, has disappointed.
Profits seem to grow but the debt remains a huge concern.
And no dividends!
I am also skeptical of the revaluation of assets.

FTGH needs to clearly come out and say (like Centum did) "WE WILL NOT PAY DIVIDENDS FOR 5 YEARS" so we can:
-Pay down debt
- Acquire more businesses