In this paper we study the cross border mergers and acquisition between US. and Indian firms. Our empirical work suggests that US firms realize significant losses on the announcement of acquisitions of Indian targets while Indian targets realize significant gains on the announcement of mergers with acquirers. Publicly traded Indian firms realize insignificant returns on their announcement of acquisitions of publicly traded US firms but realize significant positive returns on announcements of acquisitions of privately held firms and subsidiary firm targets. Publicly traded targets realize insignificant gains when acquired by Indian firms.