India's M&A Activity Picks Up with Multibillion-Dollar Deals and Global Private Equity Involvement

Indian mergers and acquisitions activity has picked up in 2023, driven by multibillion-dollar cross-border deals and involvement of global private equity funds and local firms. M&A volume reached $41 bln in 2023, a 3% increase from last year. Conglomerates are making longer-term transformational acquisitions to build businesses over the coming decades. Buyout firms, sovereign wealth funds, and local players have also been active, with deals including Tata Motors' acquisition of Iveco's commercial trucks business and Temasek-backed Manipal Education & Medical Group's purchase of Sahyadri Hospitals.

Indian mergers and acquisitions (M&A) activity has shown significant growth in 2023, driven by multibillion-dollar cross-border deals and the involvement of global private equity funds and local firms. The M&A volume reached nearly $41 billion in 2023, marking a 3% increase from the same period last year [2]. Conglomerates are increasingly making longer-term transformational acquisitions to build businesses over the coming decades, rather than just focusing on short-term gains.

The surge in M&A activity is attributed to several factors. The involvement of global private equity funds and buyout firms, such as Warburg Pincus and TPG Inc., has been a key driver. For instance, Warburg Pincus has partnered with billionaire Sunil Mittal to acquire a 49% stake in Haier Appliances (India) Pvt. [2]. Similarly, TPG Inc.-backed Altimetrik Corp. acquired SLK Software to bolster its artificial intelligence, automation, and analytics business [2].

Local players are also increasingly active in M&A. JSW Group agreed to acquire up to 75% of Akzo Nobel NV’s Indian business to expand in areas such as paints, and Torrent Pharmaceuticals Ltd. bought KKR & Co.’s stake in JB Chemicals & Pharmaceuticals Ltd. [2]. This growing presence of domestic strategics in M&A highlights a significant evolution in the Indian market.

Several major acquisitions have occurred recently, including Tata Motors Ltd. acquiring Iveco Group NV’s commercial trucks and buses business, French consulting company Capgemini SE buying IT outsourcing firm WNS Holdings Ltd., and Schneider Electric SE purchasing Temasek Holdings Pte’s stake in their joint venture [2]. These deals reflect the strong market conditions and the increasing confidence among asset buyers.

The stable Indian stock market has also supported dealmaking both in M&A and equity capital markets. Building on a record year for listings in 2024, about $10 billion has been raised via IPOs this year [2]. This robust capital market provides investors with viable exits, boosting confidence among asset buyers.

However, geopolitical tensions pose a potential risk to M&A activity. President Donald Trump's recent statements regarding tariffs on India could lead to a pause in certain sectors in the short term [2]. Despite this, the long-term outlook for M&A in India remains positive, with a sustained appetite for strategic growth through deals.

References:
[1] Reuters. (2025). SBI's success sets stage for wave of Indian dollar bond sales. Retrieved from [https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3UR0H0:0-sbi-s-success-sets-stage-for-wave-of-indian-dollar-bond-sales/](https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3UR0H0:0-sbi-s-success-sets-stage-for-wave-of-indian-dollar-bond-sales/)
[2] The Economic Times. (2025). Multibillion-dollar deals fuel pickup in India's mergers and acquisitions activity. Retrieved from [https://m.economictimes.com/news/company/corporate-trends/multibillion-dollar-deals-fuel-pickup-in-indias-mergers-acquisitions-activity/articleshow/123690834.cms](https://m.economictimes.com/news/company/corporate-trends/multibillion-dollar-deals-fuel-pickup-in-indias-mergers-acquisitions-activity/articleshow/123690834.cms)