India Inc’s corporate landscape in 2025 was defined by a sharp rebound in dealmaking, headline cross-border bets in financial services, consolidation in consumer and renewables, and high-profile investor exits. The year also saw regulators move to modernise takeover rules, signalling a policy environment that wants faster and fairer transactions.
Cross-border investments and mega deals
Foreign interest in Indian financial services surged in 2025, with cross-border deals in the sector totalling nearly $15 billion, more than double 2024’s level, underlining sustained global appetite for Indian banks and NBFCs.
MUFG–Shriram Finance: The year’s biggest inbound deal came in December, with Japan’s Mitsubishi UFJ Financial Group (MUFG) agreeing to acquire a 20% stake in Shriram Finance for $4.4 billion via a preferential issue—described as the largest cross-border investment in India’s financial sector—subject to regulatory approvals.
Mizuho–Avendus: Japan’s Mizuho Securities also announced plans to acquire a majority stake (61.6%–78.3%) in Indian investment bank Avendus from KKR for up to $523 million, deepening Japan’s strategic footprint in Indian capital markets.
SEBI’s M&A rule reset: On the regulatory front, SEBI proposed significant amendments to takeover rules, including shortening open offer timelines to 30 days and tightening deal structures to ensure public shareholders are not disadvantaged versus large investors.
Domestic consolidation across sectors
Media & streaming: The Reliance–Disney joint venture, valued at $8.5 billion (closed in late 2024), continued to reshape the entertainment map through 2025 via integration of assets and the combined streaming platform branded JioHotstar, which also outlined fresh investments in regional content.
Renewables: In energy transition, ONGC NTPC Green Private Limited (a 50:50 JV of ONGC Green and NTPC Green Energy) signed an SPA in February and completed the acquisition of Ayana Renewable Power in March 2025 for an enterprise value of about $2.3 billion, creating a scaled renewable platform across wind and solar.
Banking: In another marquee inbound banking move, UAE-based Emirates NBD announced a proposed acquisition of a 60% stake in RBL Bank for ₹26,850 crore through a primary infusion, positioning it as one of the largest foreign investments in Indian private banking (subject to approvals and open offer requirements).
Consumer/paints: JSW Paints completed its acquisition of a majority stake in Akzo Nobel India in December 2025, taking its holding to 61.2% after the open offer—one of the largest transactions the paints sector has seen.
Private equity bets and strategic exits
Private capital remained central to 2025’s story:
- Federal Bank: Blackstone’s entry into private banking gained momentum after the Competition Commission of India cleared its proposal to acquire up to 9.99% via warrants (a structured route rather than an immediate secondary buy).
- IDFC First Bank: Warburg Pincus and ADIA units agreed to invest up to $877 million through convertible instruments—potentially taking a combined ~15% stake—subject to approvals.
- Manappuram Finance: Bain Capital’s investment was structured with upside optionality—an initial stake of about 18%, with the potential to rise up to 41.7% depending on open-offer subscription and warrant conversion.
Exits also stood out:
- Adani–AWL (formerly Adani Wilmar): Adani’s planned exit was set in motion in late 2024 and later culminated in the sale of the remaining stake in 2025, completing its withdrawal from the FMCG JV.
- Ather Energy: Tiger Global exited fully, selling its 5.09% stake for about ₹1,204 crore via market transactions.
Boardroom shakeups and leadership moves
Leadership changes continued as companies positioned for 2026. Bharti Airtel appointed Soumen Ray as Group CFO, effective January 1, 2026, a notable top-deck change announced late in 2025.
Looking ahead
India’s deal market re-accelerated meaningfully: the July–September quarter alone saw 688 transactions worth $39.9 billion, the highest since Q1 2022, according to Grant Thornton Bharat’s Q3 2025 Dealtracker.
With financial services drawing large inbound bets, renewables consolidating, and regulators pushing faster open-offer timelines, 2026 is positioned for continued momentum—though execution will hinge on approvals, market windows, and integration discipline.
By – Sonali