Where the smart money is going: India's most valuable deals of Oct 2025

Billion-Dollar Buys in Banking, Infra and Tech Lift India's October Deals 134%

India’s corporate deal street saw an extraordinary surge in October 2025, with just five major deals accounting for the bulk of the month’s record $16.8 billion transaction value. According to Grant Thornton Bharat’s Dealtracker, India logged 69 M&A deals worth $7 billion and 120 private equity (PE) deals worth $3.6 billion—with billion-dollar transactions lifting overall deal value by 134% month-on-month, even as volumes dipped. 

India Inc recorded 189 deals worth USD 10.6 billion in October 2025.

 

Top 5 M&A Deals of October 2025

1. Emirates NBD acquires 60% of RBL Bank — $3 billion

 

The month’s largest deal—and India’s biggest cross-border acquisition of 2025—was Emirates NBD Bank PJSC’s USD 3 billion purchase of a 60% stake in RBL Bank. The transaction underscores surging global investor interest in India’s banking and financial services sector, which contributed 44% of total deal value in October.

 

2. Vedanta buys Jaiprakash Associates under IBC — $1.93 billion

 

Vedanta Limited completed a 100% acquisition of Jaiprakash Associates through the Insolvency and Bankruptcy Code (IBC), in a $1.932 billion deal. This single transaction pushed the infrastructure sector to the second-highest deal value for the month, contributing heavily to the sector’s 5.3x jump in value compared to September.

 

3. Jindal Power acquires Jhajjar Power — $455 million (estimated)

 

In the energy and natural resources sector, Jindal Power Ltd acquired 100% of Jhajjar Power Ltd’s thermal project for an estimated USD 455 million—one of India’s largest recent thermal power deals. This, along with the Sembcorp–ReNew deal, helped the sector deliver USD 689 million in total transaction value.

 

4. RateGain’s acquisition of Sojern — $250 million

 

In a major global consolidation play in travel technology, RateGain Merger Sub Inc. bought Sojern Inc. and its subsidiaries for USD 250 million. The deal strengthens India’s presence in global hospitality and travel-tech solutions, marking one of the largest outbound tech M&A deals this year.

 

5. Telangana Government acquires L&T Metro Rail Hyderabad — $ 227 million

 

In a significant infrastructure takeover, the Telangana government purchased 100% of L&T Metro Rail Hyderabad (Phase I) for $227 million. This strategic buyout supports the state’s broader plan to restructure and strengthen urban transport assets.

 

Top 5 Private Equity Deals of October 2025

1. IHC invests in Sammaan Capital — $1.006 billion

 

Marking India’s largest-ever PE infusion in an NBFC, Abu Dhabi’s International Holding Company (IHC) acquired a 41% stake in Sammaan Capital for USD 1.006 billion. This makes it the third billion-dollar PE deal of 2025.

 

2. Blackstone buys 10% in Federal Bank — $705 million

 

Private equity giant Blackstone invested $705 million for a 10% stake in Federal Bank, highlighting global institutional confidence in India’s financial services sector—which saw 23 deals totalling USD 5.1 billion in October.

 

3. Zepto raises $450 million

 

Quick-commerce unicorn Zepto lifted the retail & consumer sector this month, raising $450 million in its third fundraise of the year. This single deal contributed 68% of the sector’s total value, driving up deal sizes even as volumes softened.

 

4. Synergy Capital invests in Saurashtra Fuels —$227 million

 

Synergy Capital injected $227 million into Saurashtra Fuels's metallurgical coke flagship plant—one of the largest manufacturing-sector PE deals of the year.

 

5. Raise Financial Services (Dhan) raises $120 million

 

Fintech startup Dhan secured $120 million from Hornbill Capital, MUFG Bank, Beenext and angels—making it India’s fourth unicorn of 2025.  

Banking & financial services led the month’s deals, accounting for 44% of total deal value,