Large private equity (PE) deals, high-profile corporate mergers such as Reliance–Disney, Adani–ACC and Ambuja, and Mankind’s acquisition of Bharat Serums, along with a surge in IPO activity, have fuelled the M&A boom. As a result, India’s annual M&A market has doubled the previous decade’s average of USD 70bn to USD 140bn in the current decade. After a slowdown in deal-making from mid-2022 to 2023, the country has seen a strong recovery in its M&A performance.