Corporate restructuring has become the major source for the economic development. Indian firms are exposed to the competition and competitiveness across the world. Hence, mergers and acquisitions have been accepted as a major strategic decision by the corporate at the wide level. To sustain with the world level corporate competition, combinations, market share Indian companies have gone for various combinations in the Indian industry. There has been an excess of mergers and acquisitions happening in the Indian industry. Tata Group of companies is one of the proactive respondents to such dynamic Indian industrial environment. It is said that Jamsetji Tata was always ahead of time and as result, a many leaderships and pioneering activities are booked with their names. The group is 148 years old devoted to Indian corporate sector. They have been always the proud for India due to their noble contribution to Indian economy. The Indian conglomerate, was the first for cross border deal, was the first to start India's first integrated power plant, was the first to gift "White Elephant" - Taj, India's first luxurious hotel, was the first to think for Indian family of four to offer the cheapest car "Nano", and water purifier "Swach" and many more. The present study focuses on studying the pre and post-merger financial performance of the selected Tata group companies. Tata group has booked many corporate restructuring in different forms. The researcher puts in the efforts over here to analyse the effect of merger and acquisition decision of the company on the profitability, liquidity, leverage, operational efficiency of the merged company. First chapter deals with the conceptual clarity of corporate restricting as broad umbrella for the various types of changes to be made to existing structure of the corporate. The details like forms, type, reasons, motives and major merger and acquisition cases at the worldwide, in Indian industry Second chapter deals with the literature review done by the researcher. Researcher has taken various existing literature from different sources, which relates to the study. It includes the scholarly articles, research papers from reputed journals, online journals from authentic web sites and thesis related to the topic of the researcher are even considered.