Dealtracker – H1 2022

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India Inc has been busy dealmaking in the first half of 2022 with 1149 deals valuing USD 104.3 billion. This represented a significant 34% increase in the overall deal volumes, while values more than doubled - recording a 143% increase in the deal values.

Commenting on the data, Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat said, “Amid macro-economic stress, the overall deal sentiment for 2022 is expected to continue given the support from the government on infrastructure spending, supply-side response and key fiscal measures. These measures are expected to provide support to the economy from elevated commodity prices and cap the possibility of a second-round effect of inflation. However, corporates and more importantly PE/VCs may employ a cautiously optimistic approach as the impact of the global economic slowdown on the Indian economy becomes evident.”

Key highlights:

  • H1 2022 saw 284 M&A deals totalling USD 79.2 billion
  • Major deals: HDFC Bank-HDFC Ltd merger, LTI-Mindtree merger, Adani Group’s acquisition of Holcim’s Indian assets and the Axis Bank-Citicorp deal
  • The PE sector saw record values and volumes at 865 deals worth USD 25.1 billion
  • The start-up space attracted the most investment at USD 5.1 billion across 550 deals, recording a growth of 69% in deal values
  • 17 IPOs were issued, with LIC’s USD 2.8 billion fundraise being the highest