India Sees Record High Monthly Deal Volume In Feb And Clocks 226 M&As Worth $7.2 Billion: Report

Grant Thornton Bharat’s latest Dealtracker report revealed that M&A space recorded a 67 per cent rise in volume and a 5.4-fold increase in value compared to February 2024.

Volume growth in the M&A space was driven by sectors such as retail and consumer, IT & ITES, banking and financial services, and pharmaceuticals.

Source : Cadence Bank Website

India witnessed an unprecedented surge in mergers and acquisitions (M&A) and private equity (PE) transactions in February, marking the highest monthly deal volume in three years. According to Grant Thornton Bharat’s latest Dealtracker report, a total of 226 deals were recorded, amounting to $7.2 billion, reflecting a substantial 67 per cent rise in volume and a 5.4-fold increase in value compared to February 2024. The monthly figures also represented a 14 per cent increase from January 2025.

The M&A space in the country saw 85 deals worth $4.8 billion, with domestic transactions making up 68 per cent of the total deal count and 78 per cent of overall value. While outbound transactions saw a sharp rise, inbound deal values declined significantly, reported PTI. Despite global economic headwinds, including falling foreign investment in Indian public markets and trade tariff concerns, the domestic market remained resilient, primarily fueled by strong demand within the country.

Newsmaker M&As

Among the key acquirers driving deal volumes were Zen Technologies and Nitco Ltd, each completing four acquisitions. One of the standout transactions in February was ONGC-NTPC Green’s $2.3 billion acquisition of Ayana Renewable Power.

In the manufacturing sector, the Praana Group’s $755 million acquisition of Owens Corning’s glass reinforcement business contributed to nearly 89 per cent of the sector’s deal value. Additionally, the media and entertainment segment saw increased activity, notably with Torrent Group’s $872 million acquisition of Irelia Sports, the owner of Gujarat Titans.

Private Equity Deals On The Rise

Private equity deals also experienced a strong month, with 141 transactions totalling $2.4 billion. This marked the highest PE volume since May 2022, continuing an upward trend observed since November 2024. Early-stage investments, particularly from seed to Series A funding rounds, accounted for nearly half of total PE activity.

Notable transactions in this space included Cube Highways’ $487 million investment in two road projects—Quazigund Expressway and Athaang Jammu Udhampur Highway—along with Multiples Alternate Asset Management’s $200 million investment in IT services firm Qburst Technologies.

Deal Values Declining Since Dec 2024

While M&A volumes continued to climb over the past four months, overall deal values remained on a downward trajectory since December 2024. Domestic transactions remained the dominant force during the reviewing period. On the other hand, cross-border deal activity exhibited mixed trends with outbound deals logging an uptick in both volume and value, while inbound investments experienced a decline.

Volume growth in the M&A space was driven by sectors such as retail and consumer, IT & ITES, banking and financial services, and pharmaceuticals. The deals in these sectors accounted for 60 per cent of overall transactions.

However, in terms of deal value, industries including energy and natural resources, media and entertainment, manufacturing, and infrastructure management led the way, comprising 66 per cent of total deal values.

The report also noted that government initiatives outlined in the Union Budget 2025—such as tax incentives for startups and MSMEs, increased capital expenditure, and sector-specific growth measures—are likely to further bolster deal activity. Looking ahead, industry experts will closely monitor how these factors shape India’s evolving deal landscape in the coming months.