Report Overview

Economic liberalization, digital transformation, dynamic startup ecosystem, regulatory reforms, global investor interest in Indian market, sectoral consolidation, FDI inflows, and an increasing focus on strategic expansion and privatization are expected to boost the growth of India Mergers and Acquisitions (M&A) Market during the forecast period between 2025 and 2031.

India Mergers and Acquisitions (M&A) Market – Industry Trends & Forecast Report, 2031

India Mergers and Acquisitions (M&A) Market size was estimated at USD 28.44 billion in 2024. During the forecast period between 2025 and 2031, India Mergers and Acquisitions (M&A) Market size is projected to grow at a CAGR of 9.2% reaching a value of USD 52.66 billion by 2031. The growth of India M&A Market is driven by economic liberalization, sectoral consolidation, and increasing cross-border investments. Digital transformation and regulatory support enhance deal-making opportunities. Private equity influx and corporate restructuring fuel strategic acquisitions. Financial market growth, globalization, and competitive positioning encourage mergers. Infrastructure expansion and technology-driven acquisitions strengthen market dynamics. Rising investor confidence and government policy shifts further accelerate M&A activity. The evolving consumer market and banking sector reforms also contribute to sustained growth.

Mergers and Acquisitions (M&A) – Overview

Mergers and acquisitions (M&A) involve the consolidation of companies through financial transactions, either by merging two firms or acquiring another entity. These deals aim to enhance market share, operational efficiency, and competitive advantage. M&A activities can be horizontal, vertical, or conglomerate, depending on the nature of the businesses involved. Valuation, regulatory compliance, and integration strategies play crucial roles in successful transactions. Companies pursue M&A for growth, diversification, or cost synergies, shaping industries and global markets.

India Mergers and Acquisitions (M&A) Market  

Growth Drivers

Liberalized Economic Policies

India's liberalized economic policies have significantly boosted M&A activity by reducing regulatory barriers and encouraging foreign investments. The relaxation of FDI norms and streamlined approval processes have facilitated cross-border mergers, enabling global corporations to enter the Indian market. Additionally, tax reforms and financial incentives have made acquisitions more attractive for domestic and international firms. These policies have fostered industry consolidation, driven strategic partnerships, and enhanced market competitiveness in various sectors.

Challenges

Regulatory Complexities

India's M&A Market faces challenges due to intricate regulatory frameworks, including compliance with the Companies Act, 2013, the Competition Act, 2002, and SEBI regulations. Approval processes from multiple authorities, such as the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT), often lead to delays. Cross-border transactions require adherence to foreign investment policies, adding complexity. These regulatory hurdles increase transaction costs and create uncertainty, impacting deal execution and market expansion.

Impact of Escalating Geopolitical Tensions on India Mergers and Acquisitions (M&A) Market  

Escalating geopolitical tensions have led to increased scrutiny of cross-border M&A deals in India, affecting investor confidence and regulatory approvals. Trade restrictions and tariff impositions, such as the recent United States’ proposed increase in import duties on Indian goods, have disrupted market dynamics. Additionally, global economic uncertainty has slowed deal-making, particularly in sectors reliant on foreign investments. Companies are adopting cautious strategies, focusing on domestic consolidation rather than international expansion, reshaping India's M&A landscape amid evolving geopolitical challenges.

India Mergers and Acquisitions (M&A) Market  

Segmental Coverage

India Mergers and Acquisitions (M&A) Market – By Deal Type

By deal type, India Mergers and Acquisitions (M&A) Market is divided into Domestic M&A Transactions and Cross-Border M&A Deals segments. The domestic M&A transactions segment represents a larger deal type in India Mergers and Acquisitions (M&A) Market, primarily due to the consolidation across sectors, such as banking, technology, and telecom, fueled by regulatory reforms and strategic realignments among Indian companies. Domestic players are increasingly seeking inorganic growth to strengthen market share and operational efficiencies. Moreover, India's stable macroeconomic environment and growing consumer base have encouraged internal consolidation over cross-border activity. While cross-border M&A remains significant—especially with inflows in tech and pharma—domestic deals lead in terms of volume and frequency, making them the primary growth engine of the Indian M&A landscape.

India Mergers and Acquisitions (M&A) Market – By Industry

On the basis of industry, India Mergers and Acquisitions (M&A) Market is divided into Technology & E-Commerce, Banking & Financial Services, and Healthcare & Pharmaceuticals segments. The technology & e-commerce segment holds the largest share in India Mergers and Acquisitions (M&A) Market. This dominance is driven by rapid digital transformation, increased startup activity, and heightened investor interest in India's burgeoning tech ecosystem. Major deals in software, fintech, edtech, and online retail have spurred growth, with global and domestic firms alike seeking to consolidate their presence or gain technological capabilities. The sector's dynamism, scalability, and innovation potential make it highly attractive for M&A activity, outpacing traditional sectors like Banking & Financial Services and Healthcare & Pharmaceuticals in both deal volume and transaction value.

India Mergers and Acquisitions (M&A) Market – By Deal Size

Based on deal size, India Mergers and Acquisitions (M&A) Market is divided into Small & Mid-Market Deals and Large-Scale Strategic Acquisitions segments. The small & mid-market deals segment holds a larger share of India Mergers and Acquisitions (M&A) Market by deal size. The segment’s market dominance is driven by the vibrant startup ecosystem, strong private equity and venture capital activity, and increasing consolidation among mid-sized companies aiming to scale operations or expand regionally. These deals are typically more frequent and less capital-intensive compared to large-scale strategic acquisitions, which are fewer but higher in value. Additionally, regulatory ease and digital transformation have further encouraged deal-making in this segment, making it the most active and dynamic contributor to the overall M&A landscape in India.

India Mergers and Acquisitions (M&A) Market – By Region

Geographically, India Mergers and Acquisitions (M&A) Market is divided into North India, South India, West India, and East India. West India stands out as the largest regional segment in India Mergers and Acquisitions (M&A) Market. The West India region is primarily driven by the concentration of financial and corporate hubs such as Mumbai and Pune, where a large number of domestic and international corporations operate. These cities serve as the epicenter for major deal-making, investment banking, and private equity activities. West India’s robust infrastructure, high industrialization, and access to capital markets make it a preferred region for mergers and acquisitions. Its dynamic business environment and presence of key industry sectors further reinforce its leadership in the national M&A landscape.

Competitive Landscape

Major companies operating in India Mergers and Acquisitions (M&A) Market include Reliance Industries, Tata Group, Adani Group, Axis Bank, HDFC Bank, Brookfield Asset Management, Kotak Mahindra Bank, Paytm, Zomato, Future Group, and Air India. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2031
	Base Year – 2024
	Estimated Year – 2025
	Forecast Period – 2025–2031
Facts Covered	Revenue in USD Billion
Market Coverage	India
Product/ Service Segmentation	Deal Type, Industry, Deal Size, Region
Key Players	Reliance Industries, Tata Group, Adani Group, Axis Bank, HDFC Bank, Brookfield Asset Management, Kotak Mahindra Bank, Paytm, Zomato, Future Group, Air India

 

By Deal Type

• Domestic M&A Transactions

• Cross-Border M&A Deals

By Industry

• • Technology & E-Commerce

  • Banking & Financial Services

  • Healthcare & Pharmaceuticals

By Deal Size

• • Small & Mid-Market Deals

  • Large-Scale Strategic Acquisitions

By Region

• • North India

  • South India

  • West India

  • East India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Mergers and Acquisitions (M&A) Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Liberalized Economic Policies
         2. Rising Cross-Border M&A Activity
         3. Technological Advancements in Financial Services
      2. Restraints
         1. Regulatory Complexities
         2. High Transaction Costs
         3. Market Volatility
      3. Opportunities
         1. Expansion into Emerging Sectors
         2. Strategic Consolidation for Market Leadership
      4. Challenges
         1. Integration and Cultural Differences
         2. Uncertain Global Economic Conditions
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Mergers and Acquisitions (M&A) Market Strategies
5. India Mergers and Acquisitions (M&A)Market: Pricing Analysis
6. India Mergers and Acquisitions (M&A) Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Deal Type
         1. Domestic M&A Transactions
         2. Cross-Border M&A Deals
      2. By Industry
         1. Technology & E-Commerce
         2. Banking & Financial Services
         3. Healthcare & Pharmaceuticals
      3. By Deal Size
         1. Small & Mid-Market Deals
         2. Large-Scale Strategic Acquisitions
      4. By Region
         1. North India
         2. South India
         3. West India
         4. East India

 

7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Mergers and Acquisitions (M&A) Market Share Analysis, 2024
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on India Mergers and Acquisitions (M&A) Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Reliance Industries
   2. Tata Group
   3. Adani Group
   4. Axis Bank
   5. HDFC Bank
   6. Brookfield Asset Management
   7. Kotak Mahindra Bank
   8. Paytm
   9. Zomato
   10. Future Group
   11. Air India
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.   Quantitative Research
    3.   Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5.   Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

  The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

 

Figure 1       India Mergers and Acquisitions (M&A) Market Segmentation

Figure 2       India Mergers and Acquisitions (M&A) Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2024

Figure 4       India Mergers and Acquisitions (M&A) Market Size, By Value (USD Billion), 2019–2031

Figure 5       India Mergers and Acquisitions (M&A) Market Share, By Deal Type, By Value, 2019–2031

Figure 6       India Mergers and Acquisitions (M&A) Market Share, By Industry, By Value, 2019–2031

Figure 7       India Mergers and Acquisitions (M&A) Market Share, By Deal Size, By Value, 2019–2031

Figure 7       India Mergers and Acquisitions (M&A) Market Share, By Region, By Value, 2019–2031

 

List of Tables

 

Table 1        India Mergers and Acquisitions (M&A) Market Size, By Value (USD Billion), 2019–2031

Table 2        India Mergers and Acquisitions (M&A) Market Size, By Deal Type, By Value, 2019–2031

Table 3        India Mergers and Acquisitions (M&A) Market Size, By Industry, By Value, 2019–2031

Table 4        India Mergers and Acquisitions (M&A) Market Size, By Deal Size, By Value, 2019–2031

Table 5   Reliance Industries Company Overview

Table 6   Reliance Industries Financial Overview

Table 7   Tata Group Company Overview

Table 8   Tata Group Financial Overview

Table 9   Adani Group Company Overview

Table 10   Adani Group Financial Overview

Table 11   Axis Bank Company Overview

Table 12   Axis Bank Financial Overview

Table 13   HDFC Bank Company Overview

Table 14   HDFC Bank Financial Overview

Table 15   Brookfield Asset Management Company Overview

Table 16   Brookfield Asset Management Financial Overview

Table 17   Kotak Mahindra Bank Company Overview

Table 18   Kotak Mahindra Bank Financial Overview

Table 19   Paytm Company Overview

Table 20   Paytm Financial Overview

Table 21   Zomato Company Overview

Table 22   Zomato Financial Overview

Table 23   Future Group Company Overview

Table 24   Future Group Financial Overview

Table 25   Air India Company Overview

Table 26   Air India Financial Overview