India M&As back in action, up 14% in the first nine months of 2024

After a year of decline, mergers and acquisitions (M&As) in India increased 13.8 per cent, reaching $69.2 billion in the first nine months of 2024, as against $60.8 billion during the same period in 2023. Led by Indian companies and private-equity (PE) firms, 2,301 transactions were signed between January and September this year as compared to 1,855 transactions reported in the same period last year, according to the Bloomberg data.Bharti Airtel’s acquisition of stake in BT Group, a British telecom group, for $4.08 billion topped the table of M&A transactions this year so far. This was followed by the family settlement transaction in the Godrej family. Gujarat Gas’ acquisition of Gujarat State Petronet for $3 billion was the third-largest acquisition in the country.Bhavin Shah, partner and leader (private equity and deals), PwC India, said compared to developed markets in North America and Europe, India’s market size and growth potential were more attractive to investors and hence the rise in deals. “High gross domestic product growth rates and a robust stock market led to higher valuations in India,” said Shah.