The tech sector drove India’s mergers and acquisitions (M&A) market in the first half of 2024, with most deal-making activity focused on the High-Tech sector. 

This sector saw a 13.2% increase in deal value compared to the previous year. The total deal value for announced M&A deals in India reached USD 37.3 billion in the first half of 2024, a 4.4% increase from the previous year. However, deals decreased by 18.4% during the same period.

In the first half of 2024, at least six deals exceeded USD 1 billion, including the USD 3.1 billion merger between Walt Disney and Reliance Industries’ media assets and the USD 3.0 billion merger between Data Infrastructure Trust and ATC India.

The investment banking sector saw a drop in overall fees despite a surge in equity capital market (ECM) underwriting fees. Notably, India’s equity capital markets performed exceptionally well during the first half of 2024. Notably, India’s equity capital markets performed exceptionally well during the first half of 2024. Indian Companies were able to raise USD 29.5 billion in proceeds, more than double the amount raised in the same period last year.

Foreign investor interest in Indian companies increased significantly, with inbound M&A reaching USD 17.2 billion, showing a 32.4% year-on-year increase. However, outbound M&A from Indian companies decreased by 29.0% year-on-year, indicating a more cautious approach to overseas acquisitions.

The top two deals in the first half of 2024 were in the Media and Entertainment (Star India) and Telecommunications (ATC Telecom Infrastructure) sectors. 

Additionally, India’s overall investment banking fee pool declined by 11% compared to the first half of 2023, but ECM underwriting fees surged by 127%. Lastly, Kotak Mahindra Bank emerged as the top player in investment banking fees, capturing a 7.6% share of the Indian market.

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