India's M&A deals touch $41.5 bn in H1 as PEs, firms eye healthcare, infra

Business Standard

5 hours ago

India's mergers and acquisitions (M&A) market recorded deals worth $41.49 billion in the first half of 2025, down nearly 6 per cent from a year ago, as large-ticket transactions remained limited.
Despite the dip in value, a 4.6 per cent rise in deal count to 1,577 signals continuing appetite among domestic conglomerates and private equity (PE) funds for mid-sized and smaller assets.
Healthcare, infrastructure, and financial services emerged as key drivers, even as overall value trailed the post-pandemic highs of 2022, when first-half dealmaking had peaked at over $135 billion, largely due to the HDFC Bank–HDFC mega merger.
Key deals in H1 2025
Temasek's acquisition of a 10 per cent stake in Haldiram Foods from its promoters for $1 billion was another marquee transaction in the period.
Top Deals
Deal Type Announce Date Target Name Acquirer Name Seller Name $ Mn
M&A Jan 14, 25 Access Healthcare Services Pvt Ltd New Mountain Capital LLC 2,000
M&A Apr 17, 25 Abbot Point Port Holdings Pte Ltd Adani Ports & Special Economic Zone Ltd Carmichael Rail And Port Singapore Holdings Pte Ltd 1,967
M&A Mar 17, 25 Bajaj Allianz General Insurance Co Ltd Bajaj Holdings & Investment Ltd Allianz SE 1,219
M&A Jun 27, 25 Akzo Nobel India Ltd Jsw Paints Pvt Ltd Akzo Nobel NV 1,070
INV May 09, 25 Yes Bank Ltd Sumitomo Mitsui Banking Corp State Bank of India 1,040
INV Mar 12, 25 Haldiram Snacks Pvt Ltd Temasek Holdings Pte Ltd 1,000
M&A Mar 17, 25 Bajaj Allianz Life Insurance Co Ltd Bajaj Holdings & Investment Ltd Allianz SE 920
M&A Feb 14, 25 Global glass reinforcements business/Owens Corning Praana Group Owens Corning 755
M&A Jan 07, 25 Offshore Azeri Chirag Gunashli oil field/Azerbaijan ONGC Videsh Ltd,State Oil Co of the Azerbaijan Republic Equinor ASA 720
Source: Bloomberg In infrastructure, Adani Ports & SEZ acquired Abbot Point Port Holdings for $1.97 billion from its promoter entities, continuing its push into overseas port assets. The group also indicated plans to invest up to $20 billion annually in India's infrastructure sector, including greenfield projects.
Among conglomerates, Hindalco Industries Ltd, the Aditya Birla Group's metals flagship, acquired US-based AluChem Companies Inc. for $125 million. Bajaj Holdings & Investment Ltd. bought out Allianz SE's stake in Bajaj Allianz General Insurance for $1.2 billion, signalling consolidation in the fast-evolving insurance sector.
The acquisition of Akzo Nobel India by JSW Paints, announced last week, was another significant M&A deal this year.
PE firms remained active but cautious. While the number of PE-backed transactions held steady, average deal size declined. Sectors like consumer tech and edtech, previously hotbeds of activity, saw muted interest amid valuation resets and funding constraints.
What's driving deals
While deal value declined year-on-year, investment bankers said the pipeline remains robust, especially in renewable energy, digital infrastructure and industrials.
'There's significant dry powder waiting to be deployed from our Asia funds,' said a senior executive at a global PE fund. 'We expect a second-half bounce as clarity emerges on policy and rate transmission direction post the recent cuts.'
Among the global funds, Blackstone Inc. announced plans to double its India exposure to $100 billion from the current $50 billion. Brookfield also stated its intention to invest $100 billion in India over the next five years.
Bankers said that while India's M&A landscape may be off its peak, it remains one of the most active in Asia, supported by digital penetration, formalisation of the economy and rising consumption.
Promising second half
Among closely watched second-half deals is Reliance Industries' bid to acquire Castrol India Ltd., in a move that could bolster its downstream oil-to-chemicals portfolio. BP Plc, which owns a majority stake in Castrol India, has invited expressions of interest, with Reliance among the suitors.
Other significant deals in discussion include Torrent Group's potential acquisition of JB Chemicals and Pharmaceuticals from US-based private equity major KKR & Co, at a total equity valuation of $3 billion.
Period Deal Count $ Bn Change Y-o-Y %
2016 H1 897 25.58 33.2
2017 H1 792 37.41 46.2
2018 H1 1041 81.35 117.4
2019 H1 1043 44.96 -44.7
2020 H1 870 54.21 20.6
2021 H1 1251 62.93 16.1
2022 H1 1945 135.05 114.6
2023 H1 1255 40.96 -69.7
2024 H1 1507 44.00 7.4
2025 H1 1577 41.49 -5.7
Deal Type : M&A, Investment Source: Bloomberg
Meanwhile, the Adani Group, Vedanta and three others have submitted financial bids for Jaiprakash Industries, in a race that may see final offers exceeding the Rs 12,000 crore mark (approximately $1.4 billion).