Author
Harsh Batra
Harsh Batra
India is one of Asia’s largest M&A markets. That is one of the key takeaways from Conyers’ Q1 2026 report, which shows the region posting a 14% increase in deal volume over the period, with 506 transactions.
The result is also broadly aligned with the reports we have covered in recent editions. EY, for instance, projected 18% growth. Although estimates vary, the broader insight is becoming clearer: even in periods of uncertainty, India’s M&A market continues to stand out for its resilience.
Conyers also points to a stronger contribution from the mid-market in the period, in contrast with the megadeals that dominated 2025. Private equity remains one of the main catalysts for dealmaking, with investors now finding a market shaped by lower valuations and more opportunities (especially to pursue majority stakes):
“Private equity is anticipated to remain a key driver of transactions, particularly where attractive entry valuations and opportunities for operational enhancement exist, alongside a gradual re-engagement by strategic buyers as market conditions stabilise.”
India’s momentum is also reflected in this week’s deals tracker. The highlights include:
- Lakshmi Mittal and Adar Poonawalla teamed up to buy control of the Rajasthan Royals in a deal valued at USD 1.65bn. The deal is expected to close in the third quarter, with Mittal and his family acquiring a 75% stake in the cricket team while Poonawalla will acquire 18% from existing investors.
- Wipro agreed to acquire Olam Group’s IT services arm Mindsprint for USD 375m, adding technology to its capabilities and securing a long-term transformation services arrangement with Olam.
- Fairfax India agreed to invest USD 211m in IIFL Capital Services, raising its stake to majority control through a preferential issue and open offer. The deal is still subject to approvals.
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Enjoy the read.
Deals Tracker
Rumour mill
- Bluspring is setting out a deal-led plan, using back-to-back acquisitions to gain scale under Fairfax ownership.
- China’s TCL is in talks with Indian companies to sell a 51% stake in its local manufacturing plant.
- Sun Pharma is weighing funding options for its reported USD 12bn pursuit of US-listed drugmaker Organon.
- Zappfresh entered talks to acquire a majority stake in GM Foods.
- After losing a USD 1.65bn Rajasthan Royals deal, Walton, Hamp families and a tech entrepreneur are challenging the process.
- The Eros International dispute moves in Aanand Rai’s favour after NCLT upholds the filmmaker’s plea.
- Rajesh Business & Leisure Hotels gets a path to revival as NCLT clears a Rs 730 crore resolution plan.
- Months of talks between Thyssenkrupp and Jindal over a steel sale have ended without a deal.
- Asian Granito India has completed its Crystal Ceramics acquisition, closing a building materials transaction.
- Mantra Properties gets clearance to buy out a stalled Mulund project after NCLT approval.
- Sesa Care’s merger with Dabur India advances after shareholder approval.
- upGrad moves closer to acquiring Unacademy at a reported 90% valuation cut.
- Bain Capital is preparing a USD 350m exit from an India portfolio company.
- Warburg Pincus and three PE rivals are in the race for an Indian electrical products maker.
- Emcure is looking at India expansion and overseas deals as demand in its pharma business stays firm.
- Tata Capital Healthcare Fund is set to close a USD 30m healthcare deal.
- Ananth Technologies may bring in investors as the bootstrapped aerospace firm plans expansion.
- Kotak Mahindra Bank remains open to inorganic growth opportunities, CEO Ashok Vaswani says.
- IDBI Bank’s long-running privatisation raises valuation concerns at Kotak Mahindra Bank.
- ESR’s India data centre asset sale is moving into its final stage, according to VCCircle.
- Pricing curbs and rising costs may push United Breweries out of unprofitable Indian states.
- India’s government is likely to sell a USD 1.06bn Coal India stake through an OFS.
- Vedanta loses its NCLAT challenge as Adani Group’s Jaypee resolution plan is upheld.
IPOs
- OnEMI Technology moves to IPO allotment stage, with status available through BSE, NSE and Kfin.
- Yotta Data Services is reportedly weighing an IPO as India’s AI infrastructure market develops.
- Blackstone-backed Bagmane REIT raises USD 121m from anchor investors as its IPO opens.
- NSE is pushing to file IPO papers by 15 June, keeping a possible 2026 listing on the table.
- Value 360 Communications’ SME IPO was subscribed 0.46 times on day one, ahead of its planned listing.
- Milky Mist’s Rs 482 crore pre-IPO round, led by a Temasek subsidiary, moves the company closer to listing.
- Jio’s IPO timing remains under debate as regulatory questions, valuation and ARPU expectations shape market views.
Job moves
- Julius Baer turns to an interim India country head after Rahul Papneja departs.
- Radhika Harivanam joins EisnerAmper India as managing director.
- A new leadership team takes over Herbert Smith Freehills Kramer’s India practice.
- 35North Ventures’ India Growth Fund brings in a new managing partner.
- Kumar Mangalam Birla becomes non-executive chairman of Vodafone Idea.
- Sachin Agrawal joins Hero MotoCorp as chief technology officer.
- Vinay Malhotra steps down as IndiGo’s head of global sales.
- Citi picks former Dream Sports executive Raj Rathi to lead M&A in India.
- Manoj Nagpal will lead Adobe’s Global Delivery Centre and shared services in India.
- Harsh Deep Chhabra joins Sony Pictures Networks India to lead strategy and new business.
- Nipun Aggarwal is among the contenders to replace Campbell Wilson as Air India CEO.
- Raju Antony Pullan leaves Samsung India’s mobile business after 18 years.
- Former AWS executive Sunil Rao becomes Roblox’s managing director for India.
- HDFC Bank’s chairman steps down over ethical differences; Keki Mistry becomes interim head.
- Kiran Mazumdar-Shaw names Claire Mazumdar as successor in Biocon’s five-year transition plan.
Fundraising
- MedVital, BigEndian, Vobiz.Ai, JobsUPI and PinSec have raised early-stage funding.
- Ecofy has raised USD 15m from a Natixis affiliate, adding capital to the Eversource-backed lender.
- Kotak Alts makes the first investment from its new private credit fund as it works towards final close.
- InfoEdge and Antler join Jurisphere.ai’s USD 2.2m round, alongside other investors.
- Certus Capital committed last-mile funding to Vasavi Group’s Skyla project in Hyderabad.
- 3one4 Capital has tapped an offshore LP for its fifth fund.
- Certus Capital backs Vasavi Group’s residential project through a real estate financing deal.
- Separate rounds bring early-stage funding to Tsavorite, CHOSEN, HealthFab and MHYTH.
- Blue Tokai is set to raise USD 19m, with Anicut Capital among the investors.
- Milky Mist raises Rs 482 crore in a pre-IPO round led by a Temasek subsidiary.
- Attero is weighing a pre-IPO round before its planned listing next year.
- Bain Capital backs Brigade Group’s mixed-use Bengaluru project with real estate financing.
- GEF Capital Partners leads Kimbal’s USD 22m Series B round.
- Accel joins Sahi’s USD 33m Series B as the stockbroking platform raises new capital.
