Domestic deals dominated the Indian M&A landscape, as homegrown companies preferred inorganic route to achieve growth. Last year, the deal volume witnessed a significant jump, reaching a seven-year high. However, cross-border activity was tepid during the year, with a lower number of inbound deals. Domestic companies engaged in a large number of deals on the back of India Inc’s focus on scale and market expansion, heightening competition, and capital recycling exercises. A report by EY shows that the five most active sectors by deal value last year were telecommunications, oil & gas, infrastructure, financial services and technology. Most of the deals during the year were concentrated in the lower-value bands (less than $20 million), as corporates held back from venturing into big-ticket acquisitions. This resulted in a drop in the average deal size to $105 million in 2017, from $147 million last year. For private equity, the year emerged as a record-breaking one, with the best-ever performance in terms of exits and investments. In fact, private equity deals increased to $25 billion in 2017, which is the highest-ever recorded, and was largely characterised by large-value deals (value greater than $100 million), mainly due to increasing exposure of pension funds, sovereign wealth funds and global buyout funds in India.