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India’s M&A scene cooled off in the first half of 2025, with total deal value coming in at $41.5 billion, about 6% lower than the same period last year.
The reason: fewer mega-deals. But don’t mistake that for a slowdown. The number of deals actually went up to 1,577, a 4.6% rise, showing there’s still plenty of appetite, just for smaller, more strategic buys.
What’s getting bought: think healthcare, infrastructure, and financial services. The biggest deal this year was US-based New Mountain Capital’s $2 billion buyout of Access Healthcare, a Chennai firm that helps US hospitals manage billing.
Adani Ports spent nearly as much snapping up Abbot Point Port Holdings in Australia, while Bajaj Holdings bought out Allianz’s stake in their general insurance JV for $1.2 billion. Meanwhile, Torrent Pharma acquires JB Chemicals, JSW Paints is buying Akzo Nobel India, and Hindalco picked up a US aluminium chemicals company.
Looking ahead, bankers expect a busy second half. Reliance is eyeing Castrol India, & multiple groups are bidding for Jaiprakash Industries. Even if the billion-dollar deals are fewer, India’s M&A game is still very much on.
