India’s Deal Pipeline Swells To 3-Yr High In Marh Qtr

This growth was driven by robust domestic deal activity, and a surge in private equity-backed acquisitions. Energy and Power accounted for 32% of India’s domestic deals by value - Elaine Tan, Sr Manager at LSEG Deals Intelligence

New Delhi: India saw a robust deal-making activity in the first quarter of 2025 (January-March period) -- reaching a three-year high worth $27.5 billion, which is a notable 29.6 per cent increase in value compared to the same quarter last year, a report showed on Wednesday. The number of announced deals also rose by 13.6 per cent year-over-year, making this the busiest quarter since the first quarter of 2023, according to a report by LSEG.

“This growth was driven by robust domestic deal activity, and a surge in private equity-backed acquisitions. Energy and Power accounted for 32 per cent of India’s domestic deals by value,” said Elaine Tan, Senior Manager at LSEG Deals Intelligence.

Significantly, three of the top-five deals this year were in the renewable energy sector, with Indian renewable energy M&A totaling $4.9 billion to date.

India’s M&A activity witnessed growth across diverse sectors, including energy and power, financials, healthcare, technology, materials, and media and entertainment.