India M&A Landscape | June 2026
Quarter Ends on a Strong Note as Cross-Border Mega Deals Propel India’s M&A Market
June 2026
India’s mergers and acquisitions (M&A) market concluded the first quarter of FY 2026–27 on a remarkably strong footing, with strategic outbound acquisitions driving deal values to their highest quarterly level in four years. While overall transaction volumes moderated during the April–June period, the market witnessed a decisive shift towards fewer, larger, and more transformational deals.
India recorded 240 M&A transactions worth USD 27.9 billion during the quarter – a 302% increase in value over the previous quarter, despite a 12% decline in deal volume. The surge was primarily fuelled by five billion-dollar cross-border acquisitions, highlighting Indian corporates’ growing appetite for global expansion and strategic diversification.
June also reflected increasing investor confidence in high-quality assets, with large corporates focusing on global market access, technology capabilities, infrastructure ownership and portfolio optimisation rather than broad-based acquisition activity.
Key Highlights
- 240 M&A transactions announced during Q2 2026.
- Total disclosed M&A value reached USD 27.9 billion, the highest quarterly value since Q2 2022.
- Outbound acquisitions contributed USD 23.44 billion, accounting for nearly 84% of total M&A value.
- Five billion-dollar transactions represented nearly 69% of total quarterly M&A value, highlighting strong capital concentration.
- Average M&A deal size increased sharply from USD 26 million in Q1 to USD 116 million in Q2.
Notable Transactions
Sun Pharmaceutical Industries – Organon & Co.
The quarter’s largest and one of India’s biggest outbound healthcare acquisitions saw Sun Pharmaceutical Industries acquire Organon & Co. in a transaction valued at USD 11.75 billion.
The acquisition significantly expands Sun Pharma’s global specialty pharmaceutical portfolio, particularly strengthening its presence in women’s healthcare and established medicines across regulated international markets. Besides becoming India’s largest transaction of the quarter, the deal alone accounted for more than 42% of total quarterly M&A value, reinforcing the growing confidence of Indian pharmaceutical companies in executing large-scale international acquisitions.
Bharti Airtel – Airtel Africa plc
Bharti Airtel announced a USD 2.97 billion transaction involving a 16% stake in Airtel Africa, making it the second-largest M&A deal during the quarter.
The transaction reflects Airtel’s continued commitment towards strengthening its African operations, where mobile data, fintech services and digital payments continue to witness rapid growth. The acquisition also demonstrates how Indian telecom companies are increasingly pursuing overseas opportunities to diversify revenue streams beyond the domestic market.
EPL Limited – Indovida India
Packaging major EPL Limited completed the acquisition of Indovida India for approximately USD 2.0 billion.
The transaction enhances EPL’s manufacturing capabilities while strengthening its product portfolio across sustainable and specialised packaging solutions. The acquisition aligns with the company’s long-term strategy of expanding global manufacturing capabilities and serving multinational consumer goods companies more efficiently.
VINCI Highways – Nine Indian Toll Road Concessions
Global infrastructure operator VINCI Highways acquired nine operational toll road concessions in India through a transaction valued at approximately USD 1.6 billion.
The acquisition underlines sustained international investor confidence in India’s transport infrastructure sector and reflects growing interest in operational infrastructure assets capable of generating long-term stable cash flows. Infrastructure continues to remain one of the most attractive sectors for strategic foreign investment.
GMR Group – GMR Airports Holding
GMR Group executed a strategic transaction involving GMR Airports Holding valued at approximately USD 1.05 billion.
The transaction supports GMR’s long-term capital restructuring strategy while reinforcing investor confidence in India’s rapidly expanding aviation infrastructure sector. With increasing passenger traffic and airport privatization initiatives, airport assets continue attracting significant domestic and international investment interest.
Sectoral Trends
Pharmaceuticals & Healthcare
Healthcare emerged as the largest value contributor, supported by Sun Pharma’s landmark acquisition of Organon. Indian pharmaceutical companies continue to pursue international expansion to strengthen specialty product portfolios and enhance global market access.
Telecommunications & Digital Infrastructure
Large strategic investments led by Bharti Airtel reflected sustained confidence in digital infrastructure, mobile connectivity and technology-enabled services across international markets.
Infrastructure
Operational transport assets remained attractive for global investors, with infrastructure platforms continuing to attract long-term institutional capital due to predictable cash flows and India’s ongoing infrastructure development agenda.
Industrial & Manufacturing
Strategic acquisitions within manufacturing and packaging highlighted continued efforts by Indian companies to enhance operational scale, diversify product offerings and improve international competitiveness.
Market Outlook
June 2026 marked the conclusion of an exceptionally strong quarter for India’s M&A market. Although transaction volumes moderated, the sharp increase in deal values demonstrates that Indian corporates are increasingly prioritising transformational acquisitions over incremental expansion.
The dominance of outbound transactions indicates growing confidence among Indian companies in competing globally through strategic acquisitions. With strong corporate balance sheets, improving capital availability and sustained investor interest, sectors such as pharmaceuticals, infrastructure, telecommunications and industrial manufacturing are expected to remain key drivers of India’s M&A activity during the remainder of FY 2026–27.
