M&As, PE bets and big exits: How India's corporate story unfolded in 2025

India's corporate industry in 2025 saw major mergers, acquisitions, private equity investments and big exits. Here's a look at key deals and moves

India’s dealmaking landscape remained active in 2025, with large mergers, private equity investments and strategic exits reshaping sectors such as banking, insurance, media, energy and infrastructure. Here are the major deals and moves that defined the year.

 

1. Bajaj Finserv acquires stake in Allianz

 

Bajaj Finserv acquired a 26 per cent stake in its joint ventures with Germany’s Allianz SE, covering Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC), for a total of ₹24,180 crore.

 

The acquisition raises the Bajaj Group’s ownership from 74 per cent to 100 per cent, ending a 24-year partnership with Allianz. Under the deal, Bajaj Finserv will acquire about 1.01 per cent, Bajaj Holdings & Investment 19.95 per cent and Jamnalal Sons 5.04 per cent in each company.

 

2. Disney+ Hotstar and JioCinema merge to launch JioHotstar

 

India’s OTT media landscape saw a major consolidation as The Walt Disney Company and Reliance Industries merged their media assets, bringing together Disney+ Hotstar and JioCinema under a single platform.

 

The merger was sealed in November 2024, was valued at $8.5 billion (around ₹70,352 crore) and involved Disney’s India media business combining with Reliance’s Viacom18 and JioCinema operations. Reliance Industries holds operational control with a 60 per cent stake, while Disney retains 37 per cent.

 

3. ONGC-NTPC Green acquires Ayana Renewable Power

 

The renewable energy sector saw one of its largest transactions as a joint venture between ONGC and NTPC Green Energy, which acquired Ayana Renewable Power for about $2.3 billion.

 

The 50:50 JV outbid rivals like JSW Energy to take over Ayana, which operates solar and wind plants with 1,600 MW of operational capacity and 2,500 MW under construction across Andhra Pradesh, Tamil Nadu, Gujarat and other states. Ayana’s shareholders include the National Investment and Infrastructure Fund (NIIF), British International Investment and Green Growth Equity Fund.

 

4. Jindal Power to acquire Jhajjar Power Plant

 

Jindal Jhajjar Power Ltd (JJPL) announced plans to acquire a 1,320 MW thermal power plant in Haryana from Apraava Energy Private Limited at an enterprise value of ₹4,000 crore.

 

The total cash consideration is around ₹3,006 crore, to be funded in a 70:30 debt-to-equity ratio, with JJPL raising up to ₹2,100 crore and its parent, Jindal Power Ltd, contributing the remaining amount as promoter infusion. The plant currently carries a debt of ₹1,264 crore and ₹350 crore in cash.

 

5. Telangana government takes over L&T Metro Rail Hyderabad

 

In a significant public infrastructure move, the Telangana government has announced that it will acquire the Hyderabad Metro Rail project from L&T, including both equity and debt. L&T holds around 90 per cent of the equity, and the state government will pay ₹2,000 crore for the equity and assume ₹13,000 crore in debt.

 

6. Emirates NBD acquires controlling stake in RBL Bank

 

UAE-based Emirates NBD PJSC struck a landmark deal by acquiring a controlling 60 per cent stake in RBL Bank for around ₹26,850 crore, marking the largest cross-border investment in an Indian private bank.

 

The investment, through a preferential allotment of up to 959 million shares at ₹280 per share, positions Emirates NBD as the promoter of RBL Bank. Following the deal, Emirates NBD gains the right to nominate directors to the bank’s board, consolidating its influence over India’s private banking sector.

 

7. JSW Paints completes majority stake in Akzo Nobel India

 

JSW Paints strengthened its presence in the paints sector by acquiring a majority stake of 60.76 per cent in Akzo Nobel India from Akzo Nobel NV and affiliates. Including a small public shareholding, JSW Paints now holds 61.2 per cent in the company.

 

The maximum consideration under the share purchase agreement was ₹8,986 crore, with certain adjustments at closing.

 

Private equity bets: Banking, finance take centre stage

 

Beyond strategic M&As, private equity capital remained active, particularly in financial services. Blackstone, the US-based investment firm, invested ₹6,196.51 crore in Federal Bank, acquiring a 9.99 per cent stake via warrants. This move makes Blackstone the largest shareholder in the Kochi-based bank.

 

Meanwhile, Warburg Pincus and Abu Dhabi Investment Authority (ADIA) invested ₹7,500 crore in IDFC First Bank, taking a combined 15 per cent stake to fuel the bank’s next growth phase.

 

Bain Capital entered India’s gold financing market by acquiring 18 per cent stake in Manappuram Finance for ₹4,385 crore, with potential ownership rising to 41.7 per cent through a mandatory open offer. The PE firm will jointly control the company with the promoters.

 

Major exits: Adani, Tiger Global cash out

 

The year also saw notable exits. Adani Enterprises fully divested its 44 per cent stake in Adani Wilmar, while Tiger Global Management sold its entire 5.09 per cent stake in Ather Energy for ₹1,204 crore.

 

Ather Energy, a Bengaluru-based electric two-wheeler maker, has seen its market capitalisation nearly double since its IPO in April 2025.