India dealmaking stays resilient despite market pressure
India’s M&A value fell 19% year to date to $95.5 billion, but deal count remained broadly stable, pointing to selective, strategy-led activity. Citi expects more Chinese-Indian partnerships in industrial and consumer sectors.
pre-market2 sources ↓machine-written, see hownot a recommendation
- NIFTY close
- ₹22,937
- On the day
- +1.05%
- 52-week high
- ₹23,489
- 52-week low
- ₹22,180
India’s dealmaking activity remained resilient despite a weaker rupee and a decline in equity markets, according to Rahul Saraf, Citi’s head of investment banking for India. His comments came as year-to-date M&A deal value fell more than 19% to $95.5 billion, compared with $118.5 billion a year earlier, based on LSEG data compiled this week.
The number of deals was little changed from the previous year, indicating that companies were still pursuing transactions but applying greater selectivity. Saraf said activity was being driven more by business strategy than by financial engineering, with participants focused on industrial and consumer opportunities rather than structures designed primarily to enhance returns. The trend matters for the corporate deal pipeline because stable deal volumes alongside lower aggregate value point to fewer large transactions or more disciplined pricing. 🤝
Saraf also expected more partnerships between Chinese companies and large Indian conglomerates in industrial and consumer markets. He cited the tie-up between JSW Group and SAIC Motor’s MG Motor as an example of Chinese manufacturing and technology capabilities being paired with Indian scale and market access. The development is relevant to manufacturing, automobiles and consumer-facing businesses, although the article did not identify any new transaction beyond the cited partnership. ⚙️
Market conditions remained mixed. OI Charts data showed the benchmark index closed at ₹22,937 on 29 Oct 2026, up 1.1% for the session, with reported volume of 344,482,095. The index was up 0.2% over five sessions but down 0.9% over 20 sessions, and remained within its 52-week range of ₹22,180 to ₹23,489. The one-day recovery therefore came against a softer recent trend rather than a clear reversal.
Investors will watch whether deal activity holds up through the remainder of 2026, particularly in strategic industrial, consumer and cross-border partnerships. Announcements involving Chinese technology or manufacturing companies, large Indian conglomerates, and any further changes to investment rules could provide the next measurable signal for the deal pipeline. The gap between deal count and total value will also show whether selectivity persists.
Source: bfsi.economictimes.indiatimes.com and Reuters via TradingView, 29 Oct 2026.
Not investment advice. For informational purposes only.