Indian firms saw a spike in deal-making in August with 89 merger and acquisition (M&A) deals amounting to $11.4 billion, the highest monthly volume ever and the best value since June 2022, said a report issued on Monday.
Grant Thornton Bharat pointed out that two significant cross-border deals controlled the deal value for the month. Schneider Electric bought a 35 per cent interest in Schneider Electric India for $6.4 billion, and Tata Motors made an outbound purchase of Iveco S.P.A. for $3.8 billion. Combined, they contributed to almost 90 per cent of the aggregate M&A value.
The study observed that local transactions accounted for 79 per cent of the overall volume, while cross-border transactions accounted for a whopping 95 per cent of the total value.
In the private equity (PE) segment, August recorded 123 deals worth $1.8 billion. Though this was an increase in terms of volume, the value declined by 10 per cent month-over-month. The report also noted that the average deal size fell to a record low in 2025 at $14.8 million, with almost four-fifths of all deals priced below $50 million—indicating enduring momentum in small-ticket investments.
Industry-wise, the retail and consumer sector topped the volume charts with 36 deals, followed by the banking and financial services industry with the highest value of $528 million.
Activity in capital markets also gained momentum. As many as 15 companies listed on the exchanges, raising $1.9 billion—the highest single-month IPO fund-raising so far this year. QIPs, on the other hand, slowed dramatically to five transactions valued at $0.8 billion, from 17 deals last month.
Sectors leading M&A and PE transactions in August were manufacturing, automobile, retail and consumer, and IT. Other sectors that were active were banking and financial services, pharma and healthcare, and real estate.
Total, August 2025 recorded 232 deals for $15.9 billion in M&A, PE, and capital markets. "The month was characterized by mega cross-border M&A, consistent PE activity, and record-breaking IPO fundraising, confirming India's robust position as a resilient and appealing investment destination," stated the report.
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