M&A volume of 17.8 billion dollars is the second highest year-to-date volume on record after 2007, deal tracking firm Dealogic said in its report.
Corporate India had announced M&A deals worth 18.4 billion dollars in the same period last year, it added.
The average deal size also witnessed a jump of 6 per cent. "The average deal size was 174 million dollars till date in 2008, while for the full year of 2007, it stood at 164 million dollars," Dealogic analyst Kaushik Punjabi said.
"The acquisition of Imperial Energy Corp by ONGC Videsh for 2.6 billion dollars was the largest Indian outbound deal this year and the third largest Indian outbound deal on record," Punjabi added.
A sectoral analysis of cross border deals shows that oil and gas was the most targeted industry by the Indian acquirers on cross border deal segment so far this year as it accounted for deals worth 3.2 billion dollars.
Metal and steel followed suit with 2.6 billion dollars and auto and truck was the third most targeted space.
The UK was the most targeted nation by India Inc in 2008 year-to-date, accounting deals worth 6 billion dollars.
While, the US was the second most targeted nation (4.9 billion dollars), followed by Spain (1.4 billion dollars.