M&A, private equity deals hit record high of $7.2 billion in Feb; largest monthly volumes in 3 years

India's mergers and acquisition (M&A), along with the private equity (PE) deals, hit a new monthly high of $7.2 billion in February 2025, reported the news agency PTI, citing a Dealtracker report of Grant Thornton Bharat on Saturday. This new high marked the largest deal volumes in the last three years.

This rise in M&A volume also was a 67 per cent increase compared to the levels in February 2024. 

“This represents a 67 per cent increase in volumes and a 5.4-fold increase in values compared to February 2024, while a 14 per cent increase over the previous month,” said the report cited the news portal.

Despite the global economic uncertainties like declining foreign investment in the Indian market looming over the nation, as many as 85 M&A deals worth $4.8 billion were announced in February 2025.

The domestic deals consisted of 68 per cent of M&A volumes and 78 per cent of total values, according to the news report.

“Despite global economic uncertainties, including declining foreign investments in Indian public markets and looming trade tariffs, Indian dealscape demonstrated resilience, driven by robust domestic demand,” said the report cited the news portal. 

Some of the deals were from companies like Zen Technologies and Nitco Ltd, others were of ONGC-NTPC Green Energy acquiring Ayana Renewable Power, etc.

PE Deals

According to the agency report, 141 private equity deals worth $2.4 billion were carried out in February 2025. This was the highest volume of PE volumes since May 2022, and there has been consecutive month-on-month growth since November 2024.

Key private equity deals involved Cube Highways' $487 million investment and Multiples Alternate Asset Management's $200 million investment, among others.

“The M&A space witnessed contrasting trends (in February), with volumes steadily increasing over the past four months, while values continued to decline since December 2024. February 2025 witnessed record monthly volumes as domestic deals remained the dominant theme, accounting for 68 per cent of volumes and 78 per cent of values,” said the report, cited the news agency.

Retail and consumer, IT & ITES, BFSI, Pharmaceuticals, Healthcare, and Biotech were among the key sectors contributing to the overall volume growth of the deals, according to the news report.