Defying economic uncertainty, India’s deal activity surged 14 per cent in February to register a three-year high in terms of volumes, a report showed on Thursday.

The month saw 226 mergers and acquisitions (M&A) and private equity (PE) deals worth $7.2 billion, a significant 67 per cent increase in volumes and 5.4 times increase in values compared to February 2024, as per the data compiled by Grant Thornton Bharat.

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Overall, India’s deal landscape witnessed a remarkable surge in February, with a total of 233 deals valued at $9.1 billion, including initial public offerings (IPOs) and qualified institutional placements (QIPs).

Despite global economic uncertainties, including declining foreign investments in Indian public markets and looming trade tariffs, India’s deal landscape demonstrated resilience, driven by robust domestic demand.

“Indian deal landscape continued the strong start in January into February by clocking the highest monthly deal volumes over the last three years,” said Shanthi Vijetha, Partner, Growth at Grant Thornton Bharat.

Both M&A and PE deals have been on the rise in the last few months and expect to continue, with support from the proposals of Union Budget 2025, especially in the key sectors such as manufacturing, energy, infrastructure and baking, v mentioned.

India’s M&A landscape saw volumes reaching a record high of 85 deals, representing a 23 per cent increase from January.

Domestic deals remained the dominant theme, accounting for 68 per cent of volumes and 78 per cent of values.

The month’s top deal was ONGC NTPC Green Pvt Ltd’s acquisition of a 100 per cent stake in Ayana Renewable Power Pvt Ltd for $2.3 billion.

The PE landscape witnessed a significant uptick in February, with volumes increasing 9 per cent to 141 deals, up from 129 in January, and values rising 16 per cent to $2.4 billion, from $2.1 billion in the previous month.

This marks the highest monthly deal volume since May 2022 and the fourth consecutive month of increasing deal volumes and values since November 2024, the report mentioned.