India's M&A Activity Picks Up with Multibillion-Dollar Deals and Local Players Involved

India's M&A activity has picked up, driven by multibillion-dollar cross-border deals and involvement of global PE funds and local firms. The country's stable stock market has supported dealmaking, with nearly $41 billion in M&A volume in 2025, a 3% increase from the same period last year. Local players are also increasingly involved in transactions, with conglomerates looking at longer-term transformational acquisitions to build out businesses over the coming decades.

India's mergers and acquisitions (M&A) landscape has seen a significant resurgence, with multibillion-dollar cross-border deals and the involvement of global private equity (PE) funds and local firms driving the momentum. The country's stable stock market has provided a supportive environment for dealmaking, with M&A volume reaching nearly $41 billion in 2025, a 3% increase from the same period last year [1].

The third quarter of 2025 witnessed a surge in M&A activity, with a nearly 19% increase from the previous year, offsetting the weaker first half. Notable deals include Tata Motors Ltd. acquiring Iveco Group NV’s commercial trucks and buses business, Capgemini SE buying WNS Holdings Ltd., and Schneider Electric SE purchasing Temasek Holdings Pte’s stake in their joint venture [1]. Additionally, buyout firms and sovereign wealth funds have been active, with Warburg Pincus partnering with billionaire Sunil Mittal to buy a 49% stake in Haier Appliances (India) Pvt., and Manipal Education & Medical Group acquiring a majority stake in Sahyadri Hospitals [1].

Devarajan Nambakam, co-head of investment banking for Goldman Sachs Group Inc. in India, noted that private equity activity in the country is at its highest level, with India becoming a cornerstone of many private equity firms’ Asia strategy for the next 5 to 10 years [1]. Local players are also increasingly involved in transactions, with conglomerates looking at longer-term transformational acquisitions to build out businesses over the coming decades [1].

The positive outlook for M&A in India is bolstered by the country's stable stock market, which has supported dealmaking both in M&A and equity capital markets. In 2024, India had a record year for listings, with about $10 billion raised via IPOs this year [1]. Additionally, the upcoming IPO of Reliance Jio Infocomm Ltd. is expected to further boost investor confidence [1].

However, the geopolitical climate remains a potential risk, with President Donald Trump's recent statements on tariffs on India potentially leading to a pause in M&A activity in certain sectors in the short term [1]. Despite this, the appetite for M&A in India is expected to remain strong, with new sectors like auto components and electronics manufacturing services driving increasing appetite for buyouts and fundraising in private markets [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-04/multibillion-dollar-deals-fuel-pickup-in-india-s-m-a-activity
[2] https://www.swissinfo.ch/eng/foreign-affairs/cf-free-trade-agreement-with-india-in-force-from-1-october/89940925?linkType=guid&utm_campaign=swi-rss&utm_content=o&utm_medium=rss&utm_source=multiple