Author
Harsh Batra
Harsh Batra
The turbulence triggered by the war with Iran has already caused some shifts in valuations, but not enough to derail the global wave of megadeals. According to LSEG data, these transactions have already generated USD 1.2tn worldwide. On the other hand, deal volume is down 17%.
In India, the spotlight is on renewables. A recent Business Standard report shows that around 40 GW of clean energy capacity was added to the country’s system. EY data, meanwhile, puts India’s total deal value across sectors in 2025 at USD 50bn.
The 2026 figures are already set to include a number of major highlights. In this edition, our top picks are:
- Emirates NBD secured regulatory approval from the RBI to acquire a 60% stake in RBL Bank, in a USD 3 bn transaction, marking the first takeover of a profitable Indian bank by a foreign lender
- Blackstone-backed EPL agreed to merge with Indorama Ventures’ in a USD 2 bn cross-border transaction. The deal strengthens Indorama’s downstream integration while expands EPL’s geographic reach and diversification.
- France’s VINCI is re-entering into India’s infrastructure sector with a USB 1.6 bn agreement to acquire a portfolio of toll road assets from Macquarie
For more insights and conversations about the market, connect with me on LinkedIn.
Enjoy the read.
Deal Tracker
Rumour mill
- Alkem Laboratories announced plans to increase its greenfield investment at Ujjain to ₹1,036 crore, following the allotment of 30 acres from DMIC Vikram Udyogpuri for a new formulations manufacturing unit that will expand the company’s domestic production capacity.
- Manipal Hospitals advanced its proposed ₹8,000 crore IPO with CAM, Latham & Watkins, Trilegal and Khaitan & Co advising on the transaction, as the hospital chain looks to tap India’s public capital markets amid robust demand for speciality healthcare assets.
- Unilever moved into advanced talks to combine its global foods business with McCormick & Company in a cash-and-stock deal potentially worth $60 billion, with the proposed combination set to exclude Unilever’s India operations and structured to give Unilever shareholders a majority stake in the merged entity.
- Bhive Workspace announced plans to add approximately one million square feet of workspace capacity in 2026 with an investment of up to Rs 300 crore, targeting large office campuses to serve enterprise and GCC demand as the flexible workspace operator also prepares for a public listing.
- Real estate developer M3M India announced plans to deploy Rs 14,500 crore to accelerate construction of over 45 million square feet across its portfolio, funded through internal accruals and working capital as the company pushes to accelerate delivery timelines.
- IndiGo announced a further round of ticket price increases from April 2, adjusting fuel surcharges across domestic distance bands as aviation turbine fuel costs continued to surge amid the Middle East conflict, following the government’s decision to allow only a partial cost pass-through.
- The Hinduja Group signalled a renewed appetite for acquisitions, pivoting its capital allocation strategy towards EV ecosystems, digital solutions and renewable energy as the conglomerate looks to deploy capital into high-growth sectors beyond its traditional industrial base.
- Bihar’s state government outlined plans to list its two power distribution companies on the stock market within two to three years, following a sustained period of profitability and significant infrastructure investment in the power sector.
- RBL Bank announced plans to open 200 new branches in FY27, taking its network to over 800 locations, as the private lender accelerates its retail expansion following the Reserve Bank of India’s approval of Emirates NBD’s $3 billion acquisition of a 60% stake in the bank.
- The EPIC Company merged its television, digital and content services properties under a single EPIC brand identity, streamlining its multi-platform operations and positioning the combined entity to scale its content ecosystem across channels, digital platforms and content studios.
- Blinkit launched India’s first in-terminal quick commerce service at Mumbai Airport’s Terminal 2 for domestic departures in partnership with Adani Airports, offering over 2,500 products as the Zomato-owned platform extends its fast-delivery model into high-footfall travel infrastructure.
- Goodricke Group announced plans to diversify into dairy with the launch of A2 ghee and paneer products, leveraging land on its tea estates to reduce revenue dependence on tea gardens as the company explores premium and diversified agri-business opportunities beyond its core tea operations.
- Enzyme Office Spaces leased 3.5 lakh square feet in Bengaluru, adding approximately 5,000 seats and expected to generate Rs 50 crore in annual revenue, as the flexible workspace operator accelerates expansion beyond the current 2 million square feet it manages across India.
- JSW MG Motor India reported a 19% year-on-year increase in wholesale volumes to 6,528 units in March and announced plans to raise prices in the coming months as rising commodity costs linked to the Middle East conflict begin to filter through to the automotive sector.
- Backed by Abu Dhabi’s International Holding Company as its new promoter, Sammaan Capital set an ambition to rank among India’s top three non-bank financial companies by AUM by FY29, planning to diversify beyond its mortgage-focused model into personal loans, gold lending and MSME credit.
- Navi Mutual Fund announced plans to expand into active equity fund management with a focus on high active share strategies, aiming to diversify beyond its established passive fund offerings and capture a broader share of investor demand as the asset management market deepens.
- Manasum Senior Living outlined plans to raise ₹200 crore and target an IPO by 2028, with a project at GIFT City in Ahmedabad among its upcoming developments, as the company looks to capitalise on India’s growing senior housing market driven by ageing demographics and rising disposable incomes.
- Warburg Pincus moved into advanced negotiations to acquire Koye Pharma, a Mumbai-based specialty drugmaker focused on women’s health, respiratory and anti-diabetes drugs, in a deal valued at approximately ₹300 crore marking the PE firm’s third healthcare investment in India’s growing pharmaceutical market.
- Vedanta Limited extended the deadline for its proposed five-way demerger to June 30, 2026, having already pushed the timeline back twice from the original March 2025 target, as the Anil Agarwal-led conglomerate works through the regulatory and corporate process to unlock separate valuations for each of its business verticals.
- Jubilant FoodWorks decided not to renew its development rights for Dunkin’ in India, with all 27 stores set to close by December 2026 as the quick service restaurant operator focuses capital on its Domino’s and Popeyes businesses, having run Dunkin’ at a loss of Rs 191 million in FY25.
- Piramal Finance crossed Rs 1 lakh crore in assets under management and set a target to reach Rs 1.5 lakh crore by March 2028, with plans to acquire a microfinance institution to fuel its next growth phase and diversify into gold lending as the NBFC expands its product suite.
- Dixon Technologies secured approval to invest Rs 1,100 crore in a display manufacturing facility in the Noida-Greater Noida region under India’s Electronics Components Manufacturing Scheme, targeting annual capacity of 6 crore mobile phone display units in a move expected to raise local value addition in mobile phones from 18% to nearly 40%.
- Vedanta Limited moved towards splitting into five separate publicly listed companies, with chairman Anil Agarwal projecting the demerger could double the group’s $27 billion market capitalisation by allowing each business vertical — spanning aluminium, oil and gas, base metals, steel and power — to be valued independently.
- Japan International Cooperation Agency announced plans to scale up private sector investment operations in India, targeting development-impact sectors including energy, agriculture and women’s empowerment as JICA deepens its bilateral engagement alongside its ODA lending programme.
- Warburg Pincus advanced negotiations to acquire Maneesh Pharmaceuticals’ non-tuberculosis drug business in a deal valued at Rs 1,600–1,800 crore, as the US PE firm executes a strategy to build a larger pharmaceutical platform in India through a series of targeted acquisitions.
- Prudential Plc and HCL Group moved closer to launching their long-delayed 70:30 health insurance joint venture after making progress on regulatory approvals, with eased Press Note 3 rules helping to clear a key hurdle for the partnership that had been stalled for over a year.
- Sale talks between Thyssenkrupp Steel Europe and Jindal Steel International were reported to be at risk of collapse, with disagreements over unfunded pension liabilities, required future capital investments and rising European energy costs creating significant hurdles to a deal for one of Germany’s largest steel assets.
Job Market
- ServiceNow appointed former SAP global CRO and Adobe South Asia head Kulmeet Bawa as Managing Director and Group VP for India and SAARC, tasking him with driving growth, customer engagement and digital transformation initiatives across one of the enterprise software company’s fastest-growing regions.
- JioBlackRock Investment Advisers named Swapnil Bhaskar as its incoming CEO as Marc Pilgrem announced his departure to return to BlackRock, with the leadership change coming as the digital wealth joint venture continues to scale its platform in India.
- Steel Authority of India’s chairman Amarendu Prakash tendered his resignation notice to the Ministry of Steel, with Krishna Kumar Singh taking interim charge as the state-owned steelmaker navigates a leadership transition.
- Hyatt Hotels Corporation appointed Vikas Chawla as President for India and Southwest Asia from April 1, 2026, as the group moves to strengthen regional leadership ahead of a pipeline that includes nearly 5,000 new rooms planned for the near term.
- IndiGo appointed aviation veteran William Walsh as Chief Executive Officer, with the former British Airways and International Airlines Group chief set to take charge on August 3 following the departure of Pieter Elbers, as India’s dominant carrier looks to stabilise operations and accelerate its global expansion.
- YES Bank appointed S Anantharaman as Chief Risk Officer to oversee the private lender’s enterprise-wide risk framework spanning credit, market and operational risk as the bank continues to rebuild its governance and risk management infrastructure.
- Lentra appointed former TransUnion CIBIL chief Rajesh Rathanchand as its new CEO, bringing deep expertise in credit risk and analytics to the fintech lending platform as it looks to scale its growth and strengthen its position in India’s digital credit market.
- InterGlobe Aviation appointed William Walsh as new CEO, with the former British Airways and International Airlines Group chief set to join by August 3 after his IATA tenure ends July 31, bringing over four decades of aviation leadership to IndiGo as the airline holds a 64% domestic market share with a fleet of around 440 aircraft.
- Oracle initiated one of the largest layoff rounds in the technology sector, cutting approximately 30,000 jobs globally with India among the hardest-hit markets at an estimated 12,000 redundancies, as the company restructures to fund growing AI infrastructure investment, with Indian severance covering 15 days’ salary per year of service plus notice pay.
- HDFC Bank’s board was expected to approve the reappointment of Sashidhar Jagdishan as MD and CEO for a third term at its April 18 meeting, with sources noting he meets the RBI’s fit and proper criteria as his current tenure approaches its October 2026 expiry.
- Swiggy’s head of investor relations Abhishek Agarwal resigned, with the CFO stepping in to oversee investor relations on an interim basis as the food delivery platform navigates its post-IPO phase and works to improve profitability.
- Flipkart appointed Smita Ojha and Amit Sharma as Vice Presidents to scale core technology operations, with the appointments aimed at fuelling long-term value creation as the Walmart-owned e-commerce platform prepares for its India IPO.
- Venu Srinivasan returned as Chairman and Managing Director of Sundaram Clayton following R Gopalan’s departure, in a leadership reshuffle that also saw a recent CEO transition at the TVS Group company.
- HDFC Bank’s boardroom rupture deepened as reporting revealed persistent rifts between former chairman Atanu Chakraborty and CEO Sashidhar Jagdishan over strategy, HR policy and a blocked Mitsubishi UFJ investment, with Chakraborty’s resignation triggering a $16 billion stock selloff and raising investor questions about governance at India’s largest private lender following its $40 billion merger with HDFC Ltd.
- Kotak Mahindra Prime appointed insider Suraj Rajappan as Managing Director and CEO for a three-year term effective June 1, 2026, succeeding retiring chief Shahrukh Todiwala as the vehicle financing arm targets disciplined growth and innovation.
- The Public Sector Enterprise Board recommended Ashok Kumar Panda, currently Director (Finance) at SAIL, for the Chairman and Managing Director role, recognising his three decades of experience and his track record of reducing SAIL’s borrowings by Rs 20,000 crore.
- ArcelorMittal Nippon Steel India announced that CEO Dilip Oommen would retire at the end of June, with CFO Amit Harlalka promoted to take charge from July 1 as the integrated flat steel producer manages its leadership transition.
- Kiran Mani departed JioStar as CEO-Digital to become OpenAI’s Managing Director for Asia Pacific, based in Singapore, as the ChatGPT maker strengthens its regional leadership to capitalise on India being its second-largest global user base.
- Flipkart’s group CFO Sriram Venkataraman resigned as the Walmart-owned e-commerce company prepares for its India IPO following its recent domicile shift from Singapore, with veteran marketplace CFO Ravi Iyer stepping in to oversee the broader finance function on an interim basis.
- Citigroup’s co-head of investment banking for Asia Jan Metzger departed after eight years in the role to join Standard Chartered as global head of coverage banking in Hong Kong, with Kaustubh Kulkarni assuming sole leadership of Citi’s Asia investment banking business.
- Sunil Bharti Mittal announced his retirement as Non-Executive Chairman of Airtel Africa effective July 2026, with Gopal Vittal set to succeed as Non-Executive Chair and Shravin Bharti Mittal becoming Deputy Chair, marking a generational transition in the leadership of the pan-African mobile operator.
IPOs
- Powerica made a muted stock market debut with shares opening at ₹366 on the NSE, a 7.35% discount to its issue price of ₹395, as weak market sentiment tied to the Middle East conflict continued to weigh on new listings and miss grey market premium estimates.
- Amir Chand Jagdish Kumar shares listed at ₹195 on the BSE, an 8% discount to its IPO issue price of ₹212, as the small-cap debut reflected broader investor caution in a volatile market environment.
- Sai Parenteral shares made a positive debut listing at a 3% premium on the BSE, defying grey market trends in which the counter had traded almost flat ahead of listing day.
- Recode Solutions filed for a ₹117 crore IPO with CMS Induslaw acting as legal counsel, joining a growing pipeline of mid-market technology and services firms seeking to access India’s public capital markets.
- Rediff filed confidential IPO papers with SEBI to raise up to ₹800 crore as the internet company looks to expand its enterprise and financial services platforms under its AvenuesAI strategy, using the confidential route to manage timing and market conditions.
- SpaceX filed confidentially for an IPO targeting a valuation of $1.75 trillion, coming shortly after its merger with Elon Musk’s AI startup xAI in a deal that combined the rocket company’s $1 trillion valuation with xAI’s $250 billion assessment.
- More than 25 companies filed IPO papers with SEBI in the final two days of FY26, with the last-minute rush reflecting strong primary market momentum and a broad pipeline of fundraising plans across sectors despite the volatile global backdrop.
- INOX Air Products, the joint venture between US industrial gas maker Air Products and India’s INOX Group, appointed Kotak, JPMorgan and Citi to manage a planned $1 billion IPO in Mumbai, as the company prepares to file its draft prospectus targeting India’s $11 billion industrial gases market.
- XED Executive Development withdrew India’s first-ever GIFT City IPO after receiving subscriptions for only 5% of shares on offer, citing weak investor sentiment tied to the US-Israeli war on Iran and delays in mandatory video-based KYC for NRI and foreign investors, dealing a setback to efforts to position GIFT City as a global capital markets hub.
- The National Stock Exchange of India issued guidance for existing shareholders on key steps required ahead of the April 27 deadline related to its planned IPO offer for sale, as India’s largest exchange moves towards a potential listing at a valuation of up to ₹6 trillion.
- Sathya Agencies filed its DRHP with SEBI for a ₹600 crore IPO comprising a ₹300 crore fresh issue and a ₹300 crore offer for sale, with proceeds earmarked for subsidiary acquisition, debt repayment and general corporate purposes.
- The National Stock Exchange of India initiated the offer for sale process ahead of its DRHP filing, inviting existing shareholders to indicate participation as it targets a potential valuation of up to ₹6 trillion in what could be one of India’s largest public listings.
- Central Mine Planning & Design Institute, a subsidiary of Coal India, listed at Rs 160 on the NSE — below its Rs 172 issue price — valuing the consultancy firm at $1.25 billion, as weak global sentiment tied to the Middle East conflict and concerns over its 90% revenue dependence on Coal India weighed on the debut.
- Property Share Investment Trust announced the opening of its third SM REIT scheme, PropShare Celestia, targeting a raise of Rs 244.65 crore from April 10, with projected yields of up to 8.9% by FY29 as India’s small and medium real estate investment trust market continues to develop.
- Manufacturing unicorn Zetwerk filed confidentially for an IPO targeting a raise of up to Rs 4,200 crore at a $3 billion valuation, appointing a consortium of top investment banks as it explores pre-IPO funding ahead of a planned listing later in 2026.
- Online furniture rental platform Rentomojo filed for an IPO in Mumbai, planning a Rs 150 crore fresh issue alongside an offer for sale by existing investors including Accel, as the company looks to repay debt and fund warehouse expansion despite a legal challenge by former co-founder Ajay Nain before the NCLT.
- Amir Chand Jagdish Kumar’s IPO closed fully subscribed at 3.16 times on its final day with a 3% grey market premium ahead of listing, as the company completed its public market debut before the subsequent weak listing day performance.
- Vishvaraj Environment received SEBI approval for a Rs 2,250 crore IPO as the water and wastewater management company looks to access public capital markets to fund growth across its municipal and industrial infrastructure projects.
- Reliance Jio Platforms held talks with 13 marquee foreign investors — including Meta, Google, Vista Equity Partners, KKR and three Gulf sovereign funds — on selling 8% of their individual stakes in its planned Mumbai IPO, structured as an offer for sale implying approximately 2.5% of total outstanding shares reaching the public market.
- South Korean chipmaker SK Hynix announced plans to file confidentially for a US listing in the second half of 2026, potentially raising up to $14 billion by selling 2–3% of total shares, in what could be the largest US IPO in five years, with proceeds earmarked for new chip manufacturing facilities in South Korea and Indiana.
Fundraising
- ACEN India secured ₹751 crore in project financing for a 100 MW wind power project in Karnataka, with CAM, TT&A, WvT and Trowers & Hamlins advising on a transaction that reflects continued international capital deployment into India’s renewable energy buildout.
- Bajaj Finserv announced plans to launch a specialised private equity fund focused exclusively on artificial intelligence investments while also committing direct balance sheet capital into early-stage AI startups, positioning the financial services conglomerate at the forefront of India’s AI investment wave.
- CAM, Trilegal and SAM advised on the $1 billion fundraise for Bharti Airtel’s data centre arm Nxtra Data, with Alpha Wave Global leading at $435 million alongside Carlyle’s $240 million top-up, in a deal that values Nxtra at $3.1 billion and signals India’s growing role as a destination for AI infrastructure capital.
- Mahagun Group secured Rs 225 crore in funding from CSL Finance Limited to accelerate project execution and ensure timely delivery, with the capital infusion following the group’s recent repayment of Rs 650 crore in debt related to its Mahagun Medalleo development.
- Three Indian startups closed early-stage rounds: AI-led savings platform Bachatt raised $12 million in a Series A led by Accel targeting India’s 300 million self-employed; storytelling platform Fanon raised $1 million pre-seed co-led by Kalaari Capital and Gruhas; and NBFC Duggar Finvest secured $5 million pre-Series A from HegdInvst to scale MSME lending in semi-urban markets.
- Impact investor Aavishkaar Capital invested $10 million in Bengaluru-based voice AI startup Gnani.ai as part of its Series B round, backing a platform that processes over 30 million voice interactions daily across more than 12 languages and serves over 200 enterprise clients including Fortune 500 companies.
- Singapore-based Future Wealth Investments launched its debut venture fund targeting $50 million with a $10 million greenshoe option, focusing on pre-seed to Series A investments across India, the UAE and Singapore in artificial intelligence, consumer businesses, supply chain and hardware-led innovation.
- Essar-backed Mesabi Metallics secured a $520 million secured credit facility from Breakwall Capital as the iron ore project in Minnesota approaches commercial operations, providing the capital needed to complete construction of one of North America’s largest iron ore pellet plants.
- Bharti Airtel’s data centre arm Nxtra Data raised $1 billion from Alpha Wave Global, Carlyle and Anchorage Capital, valuing the company at $3.1 billion as India positions itself as an emerging hub for AI data centre infrastructure amid global demand from hyperscalers.
- Orbital compute infrastructure startup Starcloud raised $170 million at a $1.1 billion valuation in a round led by Benchmark and EQT Ventures, advancing plans for an 88,000-satellite data centre constellation designed to provide near-continuous solar power and address the land and energy constraints facing terrestrial AI infrastructure.
- Nazara Technologies announced plans to raise Rs 500 crore through preferential warrants to fund acquisitions including gaming companies Bluetile and BestPlay and accelerate growth across its business verticals as the listed gaming platform looks to scale its presence internationally.
- Alternative credit provider BlackSoil Capital invested Rs 40 crore in digital MSME lending platform Indifi, providing debt capital to strengthen the platform’s lending capabilities as demand for alternative credit solutions among India’s small businesses continues to rise.
- Two senior investment bankers with experience at Edelweiss and Kotak Mahindra launched a new wealth management firm and secured seed funding, capitalising on India’s fast-growing private wealth and family office market.
- ValueQuest S.C.A.L.E. led a $10.5 million funding round in MTandT Rentals, an equipment rental platform providing aerial work platforms and ground protection solutions, as the PE fund backs asset-light rental business models targeting India’s infrastructure and construction sectors.
- Bengaluru-based satellite propulsion systems maker Bellatrix Aerospace raised $20 million in a pre-Series B round led by Cactus Partners, with investors including Hero Investment Office and 35 North Ventures, to expand manufacturing capacity to meet rising demand from satellite constellations in India and internationally.
- Japan committed ODA loans totalling $1.73 billion across four projects in India spanning urban transport, healthcare and agriculture, deepening bilateral development financing ties as the two countries strengthen strategic and economic cooperation.
- REC Limited’s board approved market borrowings of Rs 1.6 lakh crore for FY27 through bonds, debentures, term loans and commercial paper, as the state-owned infrastructure finance company scales its lending programme to fund India’s power sector expansion.
- Indian corporate insurance startup Plum raised Rs 1.93 billion ($20.6 million) in a Series B round led by Peak XV Partners, planning to scale AI-driven claims operations and expand into preventive and primary healthcare as the platform targets growing its healthcare revenue mix to 40–45% of total within two years.
