Record $19 Billion in Deals Highlight Strong Confidence in Indian Market
Team FS
09/Oct/2024

What's covered under the Article:
Q3 2024 saw 551 deals worth $19 billion, marking the highest quarterly deal volume since Q1 2022.
Private equity activity thrived with 337 deals valued at $7.6 billion, led by the retail and consumer sectors.
Bharti Enterprises’ $4 billion telecom acquisition highlights significant cross-border deal activity this quarter.
India's deal-making landscape experienced a remarkable surge in the third quarter of 2024, with a total of 551 deals valued at US$ 19 billion. This figure marks the highest quarterly deal volume since the first quarter of 2022, indicating heightened investor confidence and a robust economic environment, as reported by consulting firm Grant Thornton Bharat.
In terms of mergers and acquisitions (M&A) activity, this quarter set an all-time high in deal volumes, recording 214 deals. Noteworthy companies engaging in an acquisition spree included Nazara Technologies, which made 9 acquisitions worth US$ 223 million. Similarly, the Aditya Birla Group and Lodha Group each recorded 5 acquisitions. A standout trend this quarter was the surge in cross-border outbound deals, which reached a 10-year high, totaling 35 transactions worth US$ 5.3 billion. This segment witnessed a significant increase, with a 57% rise in volume and a 65% rise in value compared to the previous quarter.
Among the notable deals, Bharti Enterprises' acquisition of a 25% stake in a British telecom group for US$ 4 billion emerged as the quarter's highlight. Additionally, domestic activity recorded a 54% volume increase and a 24% value increase, achieving an all-time high in quarterly volumes, reflecting the dynamic nature of the Indian market.
The private equity (PE) landscape also demonstrated robust activity, with 337 deals valued at US$ 7.6 billion, marking the highest deal volumes since the third quarter of 2022. The retail and consumer sectors continued to dominate PE activity, while the banking and financial services, along with energy and natural resources sectors, contributed significantly to the quarter's values. High-value transactions captured a substantial share, accounting for 56% of the total PE investment market. A notable transaction was the Brookfield Global Transition Fund's US$ 550 million investment in Leap Green Energy.
Furthermore, the IPO and Qualified Institutional Placement (QIP) landscape witnessed significant activity, with 25 IPO listings valued at US$ 4.1 billion, marking the highest volumes and the second-highest values in the past year. QIP activity reached unprecedented levels, with 42 deals worth US$ 6.5 billion, reflecting strong institutional investor confidence. Key sectors driving this growth included telecom, banking and financial services, and retail, indicating broad-based market interest and robust economic growth.
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