Indian market shows growth and diversity in deal activities for April 2024: Grant Thornton Bharat Dealtracker

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According to the latest Grant Thornton Bharat Dealtracker, April 2024 witnessed a notable shift in India's deal-making landscape. The month saw a total of 191 deals worth USD 9.4 billion, marking a 21% increase in volumes but a 37% decrease in values compared to March 2024. Despite the absence of billion-dollar deals, the month gone by showcased resilience with 12 high-value deals (> USD 100 million) totalling USD 3.8 billion. Significant movements included three major domestic consolidations by the Adani Group valued at USD 2 billion, representing 38% of the total deal values. This month also saw a noticeable shift in cross-border interest with European companies stepping up their investments, diverging from the past five months dominated by U.S. firms.

Shanthi Vijetha, Partner, Growth at Grant Thornton Bharat, commented on the deal activity: "As the deal activity unfolded in April, the resilience and dynamism in the deal landscape is palpable as deal volumes reached monthly peak in 2024. This month's activity, characterized by deal volumes spanning across breadth of sectors and by large deals by select players, illustrates a market that is both diverse and robust. Deal outlook remains positive, underpinned by a thriving ecosystem that spans technology, consumer and infrastructure sectors and supported by forward-thinking government policies, and poised to drive comprehensive growth across the board."

Mergers and Acquisitions (M&A) overview: India's M&A sector showcased considerable activity with 46 deals amounting to USD 2.5 billion. Despite a decline in transaction values due to the absence of large-scale mergers like those seen in March, the period remained robust with significant domestic consolidations. Notably, the Adani Group's strategic acquisitions valued at USD 2 billion underscored a trend towards strengthening core industries. The shift in foreign investment from U.S. to European firms highlights a diversifying and resilient marketplace, emphasizing India's dynamic M&A landscape. Key sectoral highlights include:

Manufacturing: Leading the charge, the manufacturing sector, spearheaded by the Adani Group’s acquisitions in the cement industry, saw significant consolidation efforts aimed at enhancing production capacities and market reach.
Retail and consumer: The sector remained active driving the deal activity with seven deals dominated by e-commerce segment followed by significant investment by Cipla Ltd and Emami Ltd in the personal care segment.
Transport and Logistics: The sector, boosted significantly by Adani Ports' acquisition of Gopalpur Ports Ltd, enhanced its logistical capabilities, critical for supporting India’s growing international trade demands.

Private Equity (PE) insights: The Private Equity landscape was vibrant with 130 deals aggregating to USD 2.7 billion. This activity underscores a clear investor confidence and a strategic shift towards more, but smaller, investments, reflecting a cautious yet optimistic approach to capital deployment. The stable value of investments, despite the higher number of transactions, indicates a strategic adjustment towards spreading investments across various sectors, aiming to capitalize on emerging opportunities while mitigating large-scale risks. Some of the sectoral highlights are:

Pharma, Healthcare and Biotech: Leading in investment values, the sector saw significant investments, such as those by Advent International in the Apollo HealthCo and the merged entity of Keimed Ltd and Apollo HealthCo Ltd, highlighting strong interest in the growing digital healthcare space.
Real Estate: Following in significance, the real estate sector, with investments led by entities such as the Abu Dhabi Investment Authority in Prestige Estate Projects Ltd, showed rejuvenated interest in India's premium and commercial spaces.
Technology and IT Services: Not far behind, continued interest in tech startups and SaaS showcased the sector’s resilience and growth potential, with a focus on innovative technology solutions in SaaS and tech services attracting numerous investments.

Initial Public Offerings and more: The capital markets were vibrant with 4 IPOs raising USD 2.8 billion and 11 QIPs securing USD 1.4 billion, showcasing robust fundraising activity despite the broader value shrinkage in other deal types.

In a dynamic and ever-evolving market landscape, the April 2024 Dealtracker exemplifies the resilience and strategic agility of Indian businesses. Looking ahead, we anticipate sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.

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