Multibillion-Dollar Deals Fuel Pickup in India’s M&A Activity

After a lull earlier this year, activity in mergers and acquisitions has picked up in India, led by multibillion-dollar cross-border deals and the involvement of global private equity funds and local firms.

Increasingly savvy conglomerates are looking at longer-term transformational acquisitions or generational investments to build out businesses over the coming decades rather than just years, according to Devarajan Nambakam, co-head of investment banking for Goldman Sachs Group Inc. in India.

Devarajan Nambakam

Source: Goldman Sachs Group Inc.

M&A volume has reached nearly $41 billion in 2025, a roughly 3% increase from the same period last year, data compiled by Bloomberg show. A strong third ...