India’s mergers and acquisitions market hits record $7.2 billion in activity in February
Indian M&A market saw unprecedented activity in February, marking a monumental achievement with a staggering $7.2 billion in deals. This surge, reported by Dealtracker, is the largest monthly deal volume witnessed in the country over the past three years, signifying a remarkable growth trajectory in the M&A landscape.
During February, a total of 226 M&A and private equity transactions were executed, underscoring the robust nature of India’s business environment. Among these transactions, 85 M&A deals were worth a significant $4.8 billion, highlighting the vibrancy of the market. Notably, domestic deals accounted for a substantial portion of M&A volumes, representing 68% of transaction numbers and an impressive 78% of total deal values. Moreover, while outbound deals showed a notable increase, inbound deal values experienced a sharp decline during this period.
Several noteworthy deals contributed to the remarkable activity in February. One such deal was the $2.3 billion acquisition of Ayana Renewable Power by ONGC-NTPC Green, setting a significant benchmark in the sector. Additionally, the Praana Group’s acquisition of Owens Corning’s glass reinforcement business for $755 million was a standout transaction that constituted a substantial portion of the manufacturing segment’s total value.
The media and entertainment sector also saw remarkable growth, particularly in sports and gaming deals. A standout deal in this space was Torrent Group’s acquisition of Irelia Sports, specifically Gujarat Titans, for $872 million, further fueling the momentum in this segment.
On the private equity front, a total of 141 transactions valued at $2.4 billion were recorded in February. This figure represents the highest PE volume since May 2022, underscoring sustained growth in this arena since November 2024. Notably, early-stage investments ranging from Seed to Series A funding dominated the PE landscape, constituting nearly half of total volumes.
Key PE transactions in February included Cube Highways’ $487 million investment in two critical road projects, namely Quazigund Expressway and Athaang Jammu Udhampur Highway. Additionally, Multiples Alternate Asset Management’s $200 million investment in Qburst Technologies, an IT & ITES company, further augmented the PE market’s robust performance during this period.
In conclusion, February witnessed a remarkable surge in M&A and private equity activity in India, setting new records and demonstrating the resilience and dynamism of the country’s business landscape. The diverse range of transactions across sectors underscores the multifaceted growth opportunities present in the Indian market, further solidifying its position as a key player in the global business arena.
