Mergers and acquisitions are the order of the day. In the traditional time period, consolidations were done in the corporate world to have a large chunk in the market. But in this era of globalisation, several other factors are equally contributing to this phenomenon. Efficiency gains, increasing productivity, consumer welfare, survival in the cut-throat competition, organisation culture are few among them. This paper attempts to explore the views regarding corporate mega mergers that are taking a great deal of space in the current years. Indian economy too is not an exception. Several decision-makers, finance specialists and industrial organisations also hold the view that mega mergers seem an appropriate alternative for curbing market inefficiencies. In a country like India, the wave of mega mergers has become inevitable and is duly affecting the different sectors of the economy. Monopolies and Oligopolies have been emerging rapidly as a result of it. Such effects and the current Indian scenario have been articulated in this paper.