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India's dealmaking hits record in July with $16 bn across 227 transactions
Excluding capital market deals, July saw 200 transactions — up 18% month-on-month — with deal values soaring 115% to $9.1 billion. The month featured three billion-dollar transactions and 15 large-ticket deals worth over $100 million, underscoring strong investor appetite.
'The rise in billion-dollar M&A activity, coupled with buoyant capital markets and strategic secondary exits, indicates this momentum will likely continue into the second half of the year,' said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat.
M&A Momentum:
M&A activity surged with 83 deals worth $7 billion, marking a 41% jump in volume and a 340% leap in value from June. High-value domestic and outbound deals drove this uptick, led by JSW Paints' $1.5 billion acquisition of Akzo Nobel India's 75% stake. Three billion-dollar transactions alone contributed $4.2 billion, nearly 60% of total M&A value.
PE Trends:
PE activity was steady, with 117 deals totaling over $2 billion — up 6% in volume but down 23% in value month-on-month. Large deals included ChrysCapital's USD 284 million buyout of Theobroma Foods, USD 230 million in Infinity Fincorp, and ADIA's USD 200 million investment in Micro Life Sciences. Retail & Consumer and IT/ITES sectors accounted for nearly half of the PE deal flow.
Capital Markets Surge:
July marked the year's strongest month for IPO and QIP fundraising, with 10 IPOs raising USD 2.6 billion and 17 QIPs mobilizing $ 4.8 billion. This capital market boom complemented the M&A and PE flows.
Sector Highlights:
Retail & Consumer: 22% share of deal volumes; 5.4x value jump via four $100m+ deals.
IT & ITeS: Tripled deal volumes; 7.7x value surge driven by AI and data analytics.
Pharma & Healthcare: Six-fold value rise, anchored by $ 1.5 billion Torrent–JB Chemicals deal.
Manufacturing: 5x jump in value on back of JSW Paints–Akzo Nobel transaction.
Energy & Natural Resources: $1.3 billion AM Green Power–Greenko Energies deal boosted values.
Real Estate: Strong momentum with Phoenix Mills' USD 691 million buyout of Island Star Mall Developers.
Hospitality & Leisure: 33x value surge led by ChrysCapital–Theobroma stake deal.
Aerospace & Defense: Steady growth with USD 100 million Raphe mPhibr funding.
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