refinitiv

India’s mergers and acquisition activity decreased to a three-year low in the first nine months of 2023, reaching USD 65.6 billion, down 56.6 per cent from the same period last year, but the number of announced deals increased by 3 per cent, according to a recent India investment banking review for Q3 2023 by Refinitiv.

It stated that target India mergers and acquisition activity hit USD 60.5 billion which is a decrease of 56.8 per cent from the previous year and the lowest first nine months by value since 2020. Domestic mergers and acquisition expenditures came to USD 44.1 billion, a 59.7 per cent decrease over the same time in 2022. Inbound mergers and acquisition reached USD 16.4 billion in 2018, a 46.6 per cent decrease from the previous year.

With a 24.6 per cent market share, the United States was the most targeted country for outbound mergers and acquisition activity, amounting to USD 4.8 billion, down 46.5 per cent year over year, it added.

The Financials sector, which generated USD 30.6 billion in sales but saw a 55.9 per cent decline from the previous year and held 46.7 per cent of the market, was the focus of the majority of India’s deal-making activity.

Industrials made up USD 7.7 billion in total, a decrease of 32.4 per cent from the previous year, with a market share of 11.7 per cent. High Technology, which saw the most agreements announced in the first nine months of 2023, earned 9.0 per cent market share with deals worth USD 5.9 billion, down 71.7 per cent from the previous year, said the report.