India Sees Record-Breaking M&A Deal Activity in February
India witnessed a surge in deal activity in February, recording 226 mergers, acquisitions (M&A), and private equity (PE) deals worth US$ 7.2 billion, according to Grant Thornton Bharat’s Dealtracker report. This marks the highest monthly deal volume in three years, reflecting a 67 percent increase in transactions and a 5.4-fold increase in deal values compared to February 2024.
Mergers and Acquisitions (M&A) deals accounted for 85 transactions worth US$ 4.8 billion, with domestic deals making up 68 percent of the volume and 78 percent of the total value. Outbound transactions saw a sharp rise, while inbound deal values declined. The report highlighted that despite economic challenges such as declining foreign investments and trade tariff concerns, strong domestic demand kept deal activity growing.
Notable transactions included ONGC-NTPC Green Energy Ltd’s US$ 2.3 billion acquisition of Ayana Renewable Power and the Praana Group’s US$ 755 million purchase of Owens Corning’s glass reinforcement business, which represented 89 percent of the manufacturing sector’s total value. In media and entertainment, Torrent Group’s US$ 872 million acquisition of Irelia Sports (Gujarat Titans) drove deal growth. Zen Technologies and Nitco Ltd emerged as key acquirers, each completing four deals.
Private equity (PE) deals totaled 141 transactions worth US$ 2.4 billion, the highest since May 2022, with consistent growth since November 2024. Early-stage investments, ranging from Seed to Series A, accounted for nearly 50 percent of PE volumes. Key transactions included Cube Highways’ US$ 487 million investment in two road projects and Multiples Alternate Asset Management’s US$ 200 million investment in Qburst.
The report noted that retail, IT, banking, and healthcare sectors fueled volume growth, while energy, media, manufacturing, and infrastructure led in value. It also highlighted that Government initiatives in the Union Budget 2025, such as tax benefits for start-ups and higher capital expenditures, could further increase deal activity.