An ASSOCHAM (an Indian industry association) study revealed that more than 30 acquisitions (M&A) have taken place during January 2006 and a bulk of these transactions was in the automobile and IT/ITES sector. The study pointed to several instances of such inorganic growth where companies are seeking stake or outright acquisitions worldwide to grow markets, increase production capacity, gain access to new markets, or develop expertise. The largest foreign acquisition was Tata Interactive System's acquisition of Tertia Edusoft AG in Switzerland and Tertia Edusoft GmbH in Germany. Foreign companies have been increasingly investing directly in Indian companies with Taiwan-based Sanyang Industry taking a minority stake of 11% in Kinetic Motors, Switzerland-based Holcim 14.8% in Gujarat Ambuja Cement Ltd (GACL), Malaysian Maxis Communications Berhad 74% in Aircel. The most watched M&A was the Jet-Sahara merger that would give it a 50% market share and make it the largest airline in the country.