Author
Harsh Batra
Harsh Batra
Indian ambition won’t be held back by war and broader geopolitical tensions. That’s one of the takeaways from Rajesh Singhi, global co-head of M&A Advisory at Standard Chartered Bank.
In a recent interview, he points that deal activity in the region is expected to sustain an annual run-rate of around $200 billion, split roughly equally between domestic, inbound and outbound transactions.
The advisory points to energy transition and infrastructure as the region’s main drivers, with outbound activity emerging as a defining feature of the current cycle. The rapid build-out of India’s manufacturing and industrial base, the ongoing restructuring of global supply chains and a moderate expansion of the domestic market all sit on the list of factors Singhi flags as precursors to this shift.
This week’s deal highlights offer a snapshot of that thesis.
- Ferrovial agreed to acquire a 24% stake in IRB Infrastructure Trust for €740 million, marking one of the largest recent inbound infrastructure bets on India’s toll-road sector.
- On the outbound side, Inox Clean Energy acquired US-based Boviet Solar in a deal valued at around $750 million, giving the Indian renewables group a strategic manufacturing foothold in the United States.
- Bharti Airtel board has approved a ₹28,220 crore share-swap operation with ICIL, with the goal to increase its exposure to Airtel Africa.
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Enjoy the read.
Deals Tracker
Rumour mill
- Global medical technology giant Siemens is preparing its exit from American Oncology Institute. The hospital chain is expected to change hands at a valuation between ₹1,500 crore and ₹2,000 crore.
- OneSource Specialty Pharma’s board has decided against pursuing the purchase of SteriScience’s facilities in Poland and Baroda. The board cited the best interest of all stakeholders and indicated it will revisit the transaction after the successful delivery of the respective companies’ FY28 guidance.
- Tata Motors expects to complete its acquisition of Iveco Group, the second-largest deal in the group’s history, by Q2 FY27.
- PE firm Actis is planning to sell a secondary stake of around 10% in its infrastructure investment trust, Nxt Infra Trust, for between ₹300 crore and ₹350 crore.
- Power Finance’s merger with REC Ltd will only complete in April 2027, according to a company spokesperson.
- After nine years on the cap table, Peak XV Partners is looking to exit Increff. The firm currently holds 17% of the supply chain tech startup, according to VCCircle.
- PayMate is planning to acquire Indonesia’s DigiAsia in a deal the Indian fintech has priced at $400 million.
- Novartis AG is planning to sell its 70.68% stake in Novartis India. The move will trigger a mandatory open offer for public shareholders.
- Sources close to Omni Hospitals say the company is seeking between ₹100 crore and ₹150 crore in fresh capital from private equity funds.
- JK Fenner is evaluating the acquisition of a large stake in Shakti Precision Components in a transaction that, according to sources, could reach ₹400 crore.
- A government source told the Times of India that the state has, for now, shelved its plans to sell a majority stake in Air India, as it may not be the right time to privatise the loss-making carrier.
- The CEO of Dixon Technologies says the company is working closely to secure approval for its JV with Chinese smartphone maker Vivo. The deal was first proposed in December 2024.
- UAE-based investors in Aster DM Healthcare are negotiating the sale of a 30% stake in the company’s Indian arm for around $300 million.
- I Squared is targeting the launch of an electricity transmission platform in India. Sources among bankers and senior executives point to advanced stages in the vehicle’s registration, although it remains unclear whether the platform will directly own assets or take the form of an infrastructure investment trust.
- Bharat Forge has completed its acquisition of a 30% stake in Fortuna Engineering Private Limited. The transaction was first announced on 30 April.
- Vodafone will transfer part of its 19% stake in its Indian JV, Vodafone Idea Ltd, to itself to hold as treasury shares.
- Lenskart Solutions will be the focus of a block deal worth ₹3,500 crore that, according to sources, should take place shortly. The deal is likely for a 4% stake and could be priced at a 5% discount to the current market price, NDTV reports.
- FIH Mauritius Investments Ltd has launched an offer to acquire up to 10 crore equity shares in IIFL Capital Services, representing 26% of the company’s expanded share capital. The purchase, to be made from public shareholders, is priced at ₹350 per share.
- The Centre is likely to divest between 3% and 4% of its stake in Coal India through an offer-for-sale, CNBC reports. The holding is valued at ₹10,000 crore.
- Anlon Healthcare Limited has completed the acquisition of a 63.98% equity stake in Remember India Health Links. The SPA for the transaction was signed on 16 April.
- upGrad has filed the application with the CCI for its acquisition of Unacademy. Initial talks on the deal were announced in November 2025.
- NaBFID has raised ₹4,000 crore through 10-year bonds at a 7.74% yield.
Job moves
- Trilegal has named former Visa India head Sandeep Ghosh as its first chief executive officer.
- Jio Platforms has appointed Akash Ambani as managing director ahead of its IPO.
- Citigroup has hired Raj Rathi as head of mergers and acquisitions in India.
- CG Offices has appointed Jai Agnani to lead its workplace and portfolio services.
- Asia Healthcare Holdings has appointed three new independent directors.
- Anant Raj is evaluating the demerger of its data centre business and has appointed Anish Sarin as director.
- Resonia has appointed Aditya Mittal as chief financial officer.
- The early-stage focused VC firm a99 has named a new partner amid its efforts to secure Rs 1,000 crore for its third investment fund. The name has not been disclosed
- Adani Ports has named insider Niraj Bansal as CEO-Ports. Pranav Choudhary exits the role.
- Mahindra Group has appointed Vimal Agarwal as group chief internal auditor.
- US-based Cerberus Capital Management has appointed Rahul Sangwan as head of its India operations.
IPOs
- Quadria Capital-backed Nobel Hygiene is exploring an India IPO that could raise as much as $300 million. The Mumbai-based hygiene products maker, known for its adult diaper brand Friends, has held preliminary discussions with investment banks and may appoint advisers in the coming weeks. The proposed offer is expected to combine a fresh issue with an offer for sale by existing investors, including Quadria, which acquired a significant minority stake in 2021.
- Audio-visual systems integration solutions provider Online Instruments (India) has filed draft papers with SEBI for an IPO that combines a fresh issue of ₹750 crore with an offer for sale of 57.10 lakh equity shares. Promoters Rajeshwari Shivanand Mahashetti and Anita Mahesh Bellad are offloading stakes via the OFS. Proceeds from the fresh issue will go to repaying borrowings, working capital, unidentified inorganic acquisitions and general corporate purposes.
- Reliance Industries is preparing one of the largest IPOs in Indian history for Jio Platforms, the holding company for its telecom and digital businesses. Reports point to a valuation range between $130 billion and $180 billion, with the float likely sized at around ₹33,000-38,000 crore ($4-4.5 billion) under new MPS norms that allow a minimum 2.5% dilution for companies above ₹5 lakh crore. The DRHP is expected by the end of May or in June and the listing is being steered by Akash Ambani, who was just appointed managing director of Jio Platforms.
- Quick-commerce startup Zepto has secured SEBI’s approval for an IPO estimated at between ₹8,000 crore and ₹12,000 crore (around $1-1.2 billion). The Bengaluru-based company filed its DRHP confidentially in December 2025 and is expected to file the updated prospectus within six to eight weeks, with listing targeted for the July-September quarter. Five other companies received SEBI observations in the same batch, including Bain Capital-backed Dhoot Transmission, Blackstone-backed Horizon Industrial Parks, Crystal Crop Protection, Surgiwear and Hotel Polo Towers.
- KKR-backed InCred Holdings has filed its Updated Draft Red Herring Prospectus with SEBI. The Mumbai-based NBFC parent is targeting a fresh issue of ₹1,250 crore alongside an OFS of up to 9.9 crore equity shares, with people familiar with the development estimating the total issue size at ₹3,000-4,000 crore and a target valuation of around ₹15,000 crore. KKR India Financial Investments will lead the OFS by offloading 4 crore shares, followed by MNI Ventures, MEMG Family Office and V’Ocean Investments. Net fresh-issue proceeds will be infused into InCred Finance to strengthen its Tier-I capital base.
- Bain Capital-backed Dhoot Transmission has secured SEBI’s approval for an IPO targeting around $250 million (about ₹2,258 crore). The Nagpur-based auto components manufacturer, which supplies wiring harnesses, automotive switches, electronic sensors and battery packs across two-wheelers, three-wheelers, passenger and commercial vehicles, filed via the confidential pre-filing route in February. Bain Capital holds a 49% stake in the company, which posted consolidated revenue of ₹2,653 crore in FY24. The IPO will combine a fresh issue with an OFS by existing investors, with promoters retaining their holdings.
- State Bank of India will dilute part of its stake in NSE during the bourse’s IPO, chairman C S Setty confirmed at the post-Q4 results press conference. SBI and subsidiary SBI Caps together hold a stake valued at around ₹43,500 crore in the exchange. Public sector shareholders collectively hold close to 31% of NSE and are preparing to offload shares worth roughly ₹15,500 crore via the OFS. Temasek and CPP Investment Board are among 20 investors expected to trim their holdings in what is shaping up to be a $2.75 billion offering.
- Hiranandani Group’s Yotta Data Services is weighing a Mumbai IPO that could raise as much as $900 million, alongside a potential $300 million pre-IPO round. The data centre operator, which runs India’s largest cluster of Nvidia AI processors, has hired ICICI Securities and SBI Capital Markets as advisers and is likely to add more banks before filing its draft prospectus in the next two to three months. CEO Sunil Gupta has told Dow Jones the company is targeting a valuation of up to $6 billion, with the listing expected in Q4 2026.
Fundraising
- Peak XV made another move this week, joining the $125 million Series B round for cybersecurity startup Exaforce. The round also drew participation from HarbourVest, Mayfield, Khosla Ventures and Seligman Ventures, valuing the startup at $725 million.
- Winpe, founded by former IFC executive Nupur Garg, is looking to raise up to ₹300 crore ($31.3 million) for its debut fund. The vehicle, WeWin, will invest in women-led startups.
- SBI has approved a $2 billion overseas bond issue amid a decline in India’s forex reserves.
- Kotak Mahindra AMC has closed its maiden private credit fund at $209 million.
- HrdWyr has raised a $13 million Series A round led by Ideaspring Capital, with participation from Singularity AMC, Avatar Growth Capital and Persistent Systems.
- Dil Foods has raised ₹113.35 crore in a Series B round led by the Bikaji Foods Family Office.
- Sindhuja Microcredit has raised ₹47 crore in a pre-Series D round from existing investors, including Abler Nordic, GAWA Capital and Oikocredit.
- LC Nueva Investment Partners has completed the final close of its follow-on investment vehicle, LC Nueva Momentum Fund 1, raising around ₹500 crore.
- NIIF is in talks to anchor the second fund of early-stage VC firm Arkam Ventures.
- Kotak Realty Fund is inching closer to the final close of its 14th fund. Backed by Abu Dhabi Investment Authority (ADIA) and a Korean investor, the vehicle has raised upwards of ₹7,000 crore.
- Skyroot Aerospace has joined the unicorn club after raising $60 million in funding from GIC.
- Hero Realty has raised ₹1,200 crore in debt from IndusInd Bank to fuel its expansion plans.
- Motilal Oswal Mutual Fund has launched the Motilal Oswal Contra Fund, with the new fund offer scheduled to close on 22 May.
- Pronto has raised $20 million in an extended Series B round led by Lachy Groom. The injection doubles the company’s valuation to $200 million.
- Axis Bank Ltd has signed a $500 million offshore loan with Mitsubishi UFJ Financial Group Inc in a three-year facility.
