PI Industries Limited (BSE:523642) is looking for mergers and acquisitions (M&A). During the fourth quarter and fiscal year 2022 earnings conference call, Mr. Mayank Singhal, Executive Vice Chairman and Managing Director, said that 'Diversification into adjacencies to inorganic will remain on the top of the agenda, apart from technology scale up. We are evaluating various M&A opportunities both in India, outside India to zero down on a few to meet our objective of creating a sustainable different value proposition'.