India M&A Landscape | September 2026
Strategic Acquisitions and Alternative Deal Structures Shape September
September 2026
India’s M&A market saw a strong mix of strategic acquisitions, business divestments and structured transactions in September 2026, with activity spanning pharmaceuticals, logistics, FMCG, aerospace and defence, diagnostics, technology and financial services.
The month was marked by several sizeable domestic transactions, including Novartis India’s ₹1,250 crore acquisition of the Minipress and Minipres trademarks from Pfizer and Ganesh Benzoplast’s ₹1,154 crore sale of its liquid storage and rail logistics businesses to KKR-backed Cisternina Logistics.
Beyond these headline transactions, September also highlighted the increasing use of equity and non-cash consideration. Transactions such as Swiggy-Udaan, Thyrocare–Trovera and the upGrad–Unacademy combination demonstrate how share swaps and equity instruments are increasingly being used to structure strategic combinations.
At the smaller end of the market, listed companies continued to use preferential allotments, share swaps and control acquisitions as alternative routes for business combinations and access to listed platforms.
Novartis India Acquires Minipress and Minipres Trademarks
The largest headline transaction of September was Novartis India’s acquisition of the Minipress and Minipres trademarks and related intellectual property rights from Pfizer Inc. and Pfizer Products Inc.
On 7 September 2026, Novartis India entered into an asset purchase agreement and trademark assignment deeds with Pfizer for consideration of ₹1,250 crore and an additional ₹10,000. Signing and closing took place simultaneously.
The transaction covers the trademarks registered in India along with related intellectual property rights. According to IQVIA July 2026 data cited by the company, Minipress XL generated revenue of ₹228.6 crore.
The transaction comes as Pfizer discontinues the marketing, distribution and sale of Minipress XL in India from 7 September 2026.
For Novartis India, the acquisition provides an opportunity to strengthen its portfolio through the addition of an established pharmaceutical brand and its associated intellectual property. It also reflects the strategic value of acquiring established brands when companies seek to expand within existing therapeutic and commercial markets.
The transaction follows ChrysCapital’s acquisition of a 70.68% stake in Novartis India for ₹1,376.8 crore, further highlighting the strategic activity surrounding the company.
Ganesh Benzoplast Divests Logistics and Storage Businesses to KKR-Backed Cisternina
The second major transaction of the month involved Ganesh Benzoplast’s sale of its liquid storage tank and rail logistics businesses to Cisternina Logistics, backed by KKR’s Asia-Pacific infrastructure strategy.
On 29 September 2026, Ganesh Benzoplast entered into definitive agreements to sell the businesses for ₹1,154 crore, subject to specified adjustments and regulatory and shareholder approvals.
The transaction covers Ganesh Benzoplast’s liquid storage terminals at JNPT, Cochin and Goa, as well as its rail logistics business at Daund. The liquid storage operations will be transferred through a slump sale structure.
KKR is taking a majority stake in Cisternina as part of the transaction, making the deal its first acquisition of assets from Ganesh Benzoplast.
The transaction also includes an additional strategic component. Ganesh Benzoplast expects to generate approximately ₹280 crore of revenue from a separate EPC contract over the next 18–24 months.
The deal demonstrates the increasing relevance of infrastructure-focused investors in acquiring operating assets from listed companies, while allowing the seller to unlock value from established businesses and potentially redeploy capital towards other opportunities.
ITC Consolidates Full Ownership of Yoga Bar
September also saw continued strategic consolidation in the FMCG sector, with ITC acquiring the remaining stake in Sproutlife Foods, the company behind the Yoga Bar brand.
ITC acquired the remaining 52.5% stake for approximately ₹645 crore through a secondary purchase of 13,445 shares, taking its ownership from approximately 47.5% to 100%.
The transaction was completed on 28 September 2026, from which date Sproutlife Foods became a wholly owned subsidiary of ITC.
Sproutlife reported turnover of ₹452 crore in FY26, compared with ₹200 crore in FY25 and ₹108 crore in FY24, highlighting the rapid scale-up of the business.
ITC had initially invested in Sproutlife in May 2023, acquiring a 39.42% stake for ₹175 crore.
The acquisition illustrates a different form of strategic M&A from the larger September transactions: rather than entering a new business through a full acquisition, a strategic investor is progressively increasing ownership in a portfolio company before ultimately consolidating control.
Motherson Expands Aerospace and Defence Presence
Samvardhana Motherson continued the broader trend of strategic capability-led acquisitions with its proposed acquisition of control in Rotary Connectors Private Limited.
Motherson subsidiary Samvardhana Motherson Adsys Tech will acquire a 50.1% stake in Rotary Connectors at an enterprise value of ₹500.4 crore. The existing promoters will retain the remaining 49.9%.
The transaction was approved by the board on 21 September 2026, with completion expected by the end of FY2026-27.
Rotary Connectors manufactures military-grade circular connectors and reported turnover of ₹123.5 crore in FY26, compared with ₹102.8 crore in FY25 and ₹75.2 crore in FY24.
For Motherson, the acquisition supports its strategy of expanding and diversifying its aerospace and defence business, particularly in electrical wiring interconnect systems.
The transaction reflects the growing role of capability-led M&A, where established industrial groups use acquisitions to gain specialised technologies, manufacturing capabilities and access to strategic end markets.
upGrad–Unacademy Transaction Closes
September also saw the completion of one of the more closely watched transactions in India’s edtech sector.
upGrad completed its acquisition of Unacademy in September, approximately six months after the transaction was first announced in March. The all-stock transaction values Unacademy at approximately ₹1,955 crore.
Under the structure, Unacademy shareholders receive shares in upGrad, while angel investors were cashed out.
The transaction marks a significant change in ownership for Unacademy, whose valuation had peaked at approximately $3.44 billion in 2021. The company entered the transaction with approximately ₹900 crore in cash and annual revenue of roughly ₹400 crore.
The completion highlights the continued consolidation taking place in India’s technology and education sectors, where companies are increasingly using strategic combinations to achieve scale and rationalise competitive positioning.
Equity and Share-Swap Structures Gain Momentum
One of the clearest themes of September was the continued use of non-cash consideration and equity-led structures.
Swiggy agreed to sell its entire stake in Lynk Logistics to Udaan’s parent, Trustroot Internet, for approximately ₹500 crore. In return, Swiggy will receive approximately 2.8% of Udaan, alongside a separate ₹75 crore primary investment that is expected to take its holding to approximately 3.2%.
The transaction values Udaan at nearly $1.9 billion based on the issue price of its Series R CCPS. Closing is expected by 22 October 2026.
Similarly, Thyrocare agreed to divest its stake in Trovera Healthcare for ₹141.4 crore, comprising ₹81.9 crore in cash and ₹59.5 crore through 42,500 Trovera CCPS. The securities will give Thyrocare approximately 4.5% of Trovera on a fully diluted basis.
At the smaller end of the market, Kapil Raj Finance is acquiring 90% of Henyo Pack through a combination of a share swap and preferential issue, alongside a mandatory open offer. Oscar Global is also seeing a change in control through a combination of share swaps and direct purchases.
These transactions demonstrate that equity is increasingly being used not merely as a financing instrument, but as a core component of transaction consideration and ownership restructuring.
Strategic and Mid-Market Transactions Continue
September also recorded a number of strategic transactions across specialised sectors.
Anarock acquired 51% of DSP Design Associates at an enterprise value of approximately ₹400 crore. DSP operates across Mumbai, Bengaluru, Pune, NCR and Hyderabad and has more than 320 professionals in India.
Dr Lal PathLabs approved the acquisition of 70% of SN Genelab for up to ₹168 crore, with an additional performance-linked earn-out of up to ₹31.5 crore. SN Genelab reported FY26 turnover of ₹57.96 crore, and completion is expected by 30 November 2026.
Other transactions included Biodeal Pharmaceuticals’ acquisition of Biological E’s sterile injectables facility in Paonta Sahib for $46.8 million, HCLSoftware’s acquisition of Zagreb-based Robotiq.ai for €9 million, Arisinfra’s acquisition of an additional 16% of Buildmex-Infra for ₹60 crore and Apollo Pipes’ acquisition of 76% of Mazzini Tiles for ₹40.42 crore.
Together, these transactions demonstrate the continued breadth of strategic M&A across India’s mid-market, particularly where buyers are seeking specialised capabilities, manufacturing assets or complementary businesses.
Smaller Listed Companies Continue to Use Structured Control Transactions
September also saw multiple SEBI-triggered open-offer transactions among smaller listed companies.
Niks Technology, GSL Securities, Mayur Leather Products, Oscar Global and Arnold Holdings were among the companies where changes in promoter ownership or control triggered mandatory open-offer requirements.
Kapil Raj Finance also announced a mandatory 26% open offer at ₹2.24 per share, worth up to ₹22.22 crore, alongside a preferential issue and the acquisition of 90% of Henyo Pack.
These transactions highlight the continued use of mandatory open offers as part of broader control transactions in India’s smaller listed-company ecosystem.
Unlike the larger strategic transactions of the month, these deals are generally driven by changes in promoter ownership, acquisition of controlling stakes and restructuring of listed platforms.
Reverse Listings and Alternative Routes to Market
The use of listed companies as platforms for acquiring unlisted businesses remained an important structural theme in September.
The Kapil Raj Finance–Henyo Pack transaction is particularly notable, with the listed company acquiring 90% of an unlisted business through a share swap alongside a preferential issue.
Oscar Global similarly involves a change in control through a combination of share swaps and direct purchases.
These structures build on a trend already visible in August, when several smaller listed companies acquired unlisted operating businesses through share swaps and preferential allotments.
In such transactions, listed entities can provide unlisted businesses with access to an existing public-market platform without following the conventional IPO route.
However, the growing use of these structures also places greater importance on valuation, governance, disclosure, liquidity and minority shareholder protection.
What September Signals for India’s M&A Market
September’s transactions point to three broader themes.
First, strategic M&A is increasingly focused on assets and capabilities rather than simple corporate expansion. Novartis’ acquisition of the Minipress trademarks, Motherson’s investment in Rotary Connectors and Ganesh Benzoplast’s divestment of logistics and storage assets all demonstrate companies reshaping portfolios around specific brands, capabilities and operating assets.
Second, equity is becoming an increasingly important component of transaction consideration. The Swiggy–Udaan, upGrad–Unacademy and Thyrocare–Trovera transactions all demonstrate how share-based consideration can be used to align ownership interests and reduce reliance on upfront cash consideration.
Third, transaction structures continue to diversify. Alongside conventional acquisitions, September featured asset purchases, slump sales, secondary share purchases, CCPS issuances, preferential allotments, share swaps and mandatory open offers.
This structural diversity reflects the increasingly sophisticated nature of India’s M&A market, where transaction architecture is being tailored to the financing, ownership, regulatory and strategic objectives of the parties involved.
Outlook
Q3 2026 provided a strong backdrop for September’s M&A activity. India recorded 255 M&A deals worth approximately $13.2 billion during July–September, making it the strongest quarter of 2026 by deal volume. Deal volumes increased 7% from Q2, although aggregate deal value declined from $27.9 billion.
Domestic M&A remained particularly active, with 188 transactions during the quarter, representing nearly three-fourths of total M&A activity. Inbound deal value also increased significantly, rising 2.6 times from the previous quarter to approximately $4.2 billion.
At the same time, combined IPO and QIP fundraising reached $13.8 billion during the quarter, exceeding total M&A value.
The September transactions therefore point towards a market where strategic capital is increasingly being deployed selectively — to acquire brands, specialised capabilities, infrastructure assets and established operating platforms rather than simply pursuing transaction volume.
For companies and promoters evaluating acquisitions or divestments, the evolving landscape reinforces the importance of selecting the right transaction structure, assessing regulatory requirements, valuing assets and businesses appropriately, and aligning ownership and financing considerations before execution.
From a QVSCL perspective, the increasing diversity of deal structures underscores the importance of thoughtful transaction design, valuation, regulatory planning and integration to ensure that strategic acquisitions translate into long-term value creation
