India Inc Clocks $10.6 Billion in October Deals, Led by Banking and Infrastructure Sectors

by R. Suryamurthy November 12, 2025

By R. Suryamurthy November 12, 2025 0 comments 3 minutes read

Courtesy: X@GrantThornton

India Inc’s deal activity surged in October 2025, clocking 189 transactions worth USD 10.6 billion, according to Grant Thornton Bharat’s latest Dealtracker report. While overall deal volumes slipped 13 per cent from September, total value jumped 63 per cent, powered by three billion-dollar deals and a spate of high-value transactions.

The banking and financial services sector dominated the month, accounting for nearly half of the total deal value. The standout transaction was Emirates NBD Bank PJSC’s USD 3 billion acquisition of a 60 per cent stake in RBL Bank—India’s largest cross-border acquisition of the year. This was followed by International Holding Company’s USD 1 billion investment in Sammaan Capital, marking the biggest-ever primary capital infusion by a foreign investor in an Indian NBFC. Completing the trio was Tata Capital’s USD 1 billion-plus IPO, underscoring investor appetite for quality financial assets.

The infrastructure sector came next, with Vedanta’s USD 1.9 billion acquisition of Jaiprakash Associates under the Insolvency and Bankruptcy Code leading the charge. Collectively, banking, infrastructure, retail, IT, and manufacturing sectors contributed 53 per cent of October’s deal volumes.

On the M&A front, 69 deals were signed, worth USD 7 billion—nearly double September’s value—despite volumes dipping to one of the lowest levels this year. Two billion-dollar transactions alone made up 70 per cent of total M&A value.

Private equity (PE) activity remained steady, with 120 deals worth USD 3.6 billion, the second-highest monthly deployment in 2025. Smaller transactions continued to dominate, with 86 per cent of deals below USD 25 million, indicating broader investor participation beyond the traditional large-ticket plays. Financial services led the sectoral breakdown, followed by retail and industrials. Notably, fintech firm Dhan joined India’s unicorn club after a USD 120 million round, reflecting strong confidence in India’s digital finance ecosystem.

Capital markets also had a buoyant month. A total of 24 IPOs raised USD 5.1 billion—the highest monthly tally this year—with LG Electronics India and Tata Capital both surpassing the USD 1 billion mark. In contrast, qualified institutional placements (QIPs) remained muted, with five deals raising USD 1.1 billion.

Sectorally, the report highlighted:

Banking & Financial Services: 23 deals worth USD 5.1 billion, driven by NBFC consolidation and fintech expansion.
Retail & Consumer: Led in volumes, buoyed by Zepto’s USD 450 million fundraise, which alone accounted for two-thirds of sector value.
IT & ITeS: 24 deals worth USD 106 million, mostly early-stage investments in tech start-ups.
Energy & Natural Resources: USD 689 million in deals, with Jindal Power’s USD 455 million buyout of Jhajjar Power among the largest thermal transactions.
Manufacturing: Stable performance with 23 deals worth USD 378 million, aided by activity in electronics and industrial materials.

Pharma, healthcare, and biotech witnessed a sharp decline—values halved to USD 380 million due to fewer large-ticket deals.Grant Thornton Bharat said India’s deal outlook remains “measured yet optimistic,” citing resilient investor sentiment, improving macroeconomic conditions, and a healthy pipeline across sectors. “Continued confidence in capital markets and sustained deal momentum suggest a positive trajectory for the coming months,” the report concluded