India’s Deal Activity Hits Record $7.2 Billion In February 2025

India recorded a historic surge in deal activity in February 2025, with 226 M&A and private equity deals totaling USD 7.2 billion, according to Grant Thornton Bharat’s Dealtracker report. This marks a 67% increase in volumes and a 5.4-fold rise in values compared to February 2024. Deal volumes also rose 14% from January 2025.

M&A Deals Lead The Surge

India announced 85 merger and acquisition (M&A) deals worth USD 4.8 billion in February. Domestic deals accounted for 68% of M&A volumes and 78% of total values. Outbound deals surged, but inbound deal values fell sharply.

Zen Technologies and Nitco Ltd led the charge, each acquiring four companies. Key deals included ONGC-NTPC Green’s USD 2.3 billion acquisition of Ayana Renewable Power and Praana Group’s USD 755 million acquisition of Owens Corning’s glass reinforcement business.

The media and entertainment sector saw a rise in sports and gaming deals. Notably, Torrent Group’s USD 872 million acquisition of Irelia Sports (Gujarat Titans) boosted activity.

Private Equity Deals Hit Highest Volume Since May 2022

India recorded 141 private equity (PE) deals worth USD 2.4 billion in February, the highest PE volume since May 2022. Deal volumes have been rising month-on-month since November 2024.

Early-stage investments (Seed to Series A) made up 50% of total PE volumes. Major PE deals included Cube Highways’ USD 487 million investment in two road projects and Multiples Alternate Asset Management’s USD 200 million investment in Qburst Technologies.

Retail and consumer, IT & ITES, banking and financial services, and pharma sectors drove volume growth, contributing 60% of total volumes. Meanwhile, energy, manufacturing, and infrastructure management accounted for 66% of total deal values.

The report highlighted that the Union Budget 2025 proposals, including tax incentives for start-ups and increased capital expenditure, are expected to drive future deal activity. Despite global challenges, India’s strong domestic demand has supported deal-making momentum.

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