This year, India Inc. witnessed a significant number of corporate deals take place, with over 649 mergers and acquisitions announced. The net value of these M&A’s is estimated to have crossed $25 billion.
The major corporate deals this year spanned banking, finance, energy, infrastructure, and pharmaceuticals. In 2025, while Adani Enterprises and JSW Energy acquired debt-ridden companies through the insolvency process, the financial sector saw major stake acquisitions in firms such as Shriram Finance and RBL Bank.
Here is a look at the major corporate deals announced and completed in 2025-
Adani Enterprises’ Jaiparkash Associates acquisition
Adani Enterprises is set to take over Jaiprakash Associates, having received creditors’ approval. The company bid of 13,500 crore, about $1.53 billion. Adani Enterprises outbid Vedanta for Jaiprakash Associates, despite the latter’s higher bid of Rs 17,000 crore.
The creditors of Jaiprakash Associates, mostly Indian banks, preferred Adani Enterprises over Vedanta as it offered a larger upfront payment, the report added. The resolution plan is submitted to the National Company Law Tribunal for approval of the takeover.
ONGC-NTPC acquires Ayana Renewables for $2.3 billion
In February this year, ONGC-NTPC Green acquired Ayana Renewable Power from the National Investment and Infrastructure Fund, British International Investment, and Eversource Capital at an enterprise value of Rs 19,500 crore, or approximately $ 2.3 billion.
The acquisition was one of the largest deals of the year and the second-largest acquisition in the renewable energy sector in the country, following Adani Green Energy’s acquisition of SB Energy India for $3.5 billion in October 2021.
MUFG buys 20% stake in Shriram Finance
Japan’s Mitsubishi UFJ Financial Group Inc. (MUFG) announced the acquisition of a 20 per cent stake in NBFC company Shriram Finance for Rs 39,618 crore ($4.4 billion). This is one of the largest cross-border investments in India’s financial industry.
JSW Energy’s KSK Mahanadi Power acquisition
In March, JSW Energy acquired KSK Mahanadi Power Company, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process.
JSW Energy emerged as the highest bidder for KMPCL, surpassing Adani Power in an auction concluded in October last year. Late this year, JSW Energy also completed the acquisition of Raigarh Champa Rail Infrastructure, in which it held a significant indirect stake through the KMPCL acquisition.
Torrent Pharma buys 46% stake in JB Chemicals.
Torrent Pharmaceuticals‘ significant stake purchase in JB Chemicals marks another significant M&A in the Indian corporate sector. The deal will be completed in two phases. In the first phase, Torrent will acquire KKR’s 46.39% stake in a private equity company through a share purchase agreement valued at Rs 11,917 crore. It also plans to acquire up to 2.80% additional shares from certain employees of JB Chemicals, amounting to an estimated Rs 719 crore.
Following this, Torrent will initiate a mandatory open offer to acquire up to 26% of JB Chemicals’ shares from public shareholders. The open offer will be made at Rs 1,639.18 per share, potentially costing Torrent around Rs 6,842.8 crore.
Emirates NBD acquires 60% stake in RBL Bank.
Emirates NBD Bank acquired a controlling 60% stake in RBL Bank through a Rs 26,853-crore preferential equity infusion.
The deal marks the largest foreign direct investment in India’s financial services sector to date. Emirates NBD will be allotted up to 959 million equity shares at Rs 280 per share.
According to an EY report, in the first three quarters of fiscal year 2026, India Inc. signed 649 deals, totalling $26 billion in value. The M&A activities in Q3 FY26 were 37 per cent higher than Q3 FY25.
