India Inc's big year: IPO boom, major splits, fundings and global AI push

From record fundraising and landmark listings to high-stakes corporate splits, global tech partnerships and boardroom disputes, here's how 2025 reshaped India's corporate landscape

Gigantic fund-raising, multiple mergers and demergers, an artificial intelligence (AI) frenzy, and some contention defined India’s corporate landscape in 2025. Public offers drew multi-billion-dollar bids, an automotive giant split its businesses to focus on separate markets, and two of the country’s biggest groups, Adani and Reliance, unveiled plans to build major data centres for global technology companies. A few private Indian banks also received significant capital infusions from foreign investors. Amid all this, some firms faced internal disputes.

 

Here is a look at the biggest corporate events, milestones and controversies of 2025.

IPO high

The Indian initial public offering (IPO) market witnessed a resilient growth with mainboard IPOs crossing 100 for the first time since 2007. The milestone made it a record year for the domestic primary market, with IPO collections crossing ₹1.7 trillion. Last year's collections stood at ₹1.59 trillion through 91 issues.

 

Tata Capital’s IPO took the top spot by raising about ₹15,512 crore through its issue. Other major listings included LG Electronics (₹11,604 crore), Lenskart Solutions (₹7,278 crore) and Groww parent BillionBrains Garage Ventures (₹6,632 crore).

 

Mergers, demergers & acquisitions

Tata Motors

 

One of India’s automotive giants, Tata Motors, executed a long-planned breakup, splitting the company into two separate listed entities: Tata Motors Ltd (looking after the commercial vehicles business), and Tata Motors Passenger Vehicles (TMPV).

Adani Wilmar

Another major conglomerate, the Adani Group, had its flagship firm Adani Enterprises fully exit Adani Wilmar Ltd by selling its 44 per cent stake through a series of phased deals. The total realisation for Adani Enterprises stood at ₹15,707 crore, according to PTI.

Bajaj acquires Allianz stake in JV

The Bajaj Group signed a share purchase agreement earlier this year with Allianz SE to acquire its 26 per cent stake in the two joint ventures, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, for ₹24,180 crore. The move was followed by Bajaj Finserv announcing in October that the insurance operations will now be called Bajaj General Insurance and Bajaj Life Insurance, respectively.

 

Foreign investments in Indian banks

In a major boost for the private Indian banks, UAE-based Emirates NBD entered into an agreement with the RBL Bank to invest ₹26,850 crore, or about $3 billion, for a controlling stake of up to 60 per cent. The deal, when completed, will become the largest cross-border investment in an Indian private bank. The investment will help RBL Bank expand in India and transform itself from a mid-sized lender into one of the country’s larger banks.

 

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) also acquired a 24 per cent stake in Yes Bank from a consortium of Indian lenders, including the State Bank of India (SBI), Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.

 

Data centre & tech infrastructure

Earlier this month, Microsoft announced a $17.5 billion investment in India, to be spread between 2026 and 2029, to advance cloud and AI infrastructure, skilling and ongoing operations.

 

A day after Microsoft's announcement, e-commerce major Amazon also said that it would increase its investments by more than $35 billion across all its businesses in India through 2030. The Seattle-headquartered company plans to spread this investment across what it calls its three strategic pillars—AI-driven digitisation, export growth and job creation—besides business expansion.

Major controversies

Tata Trust

 

In 2025, Tata Trusts, which owns roughly 66 per cent of Tata Sons, the holding company of the Tata Group, became embroiled in a board-room dispute. Mehli Mistry and a faction of trustees opposed the reappointment of former defence secretary Vijay Singh as a nominee director to Tata Sons.

 

Later, Mistry’s own reappointment as a lifetime trustee was blocked. Mistry resigned in October 2025, citing his wish to avoid further controversy and urging transparency and proper governance. The row sparked intervention by senior government ministers who called for a resolution to preserve the conglomerate's stability.

 

Sona Comstar dispute

 

The sudden death of Sona Comstar chairman Sunjay Kapur in June triggered a complex succession dispute that has shifted attention from the company’s future to a battle over his estate. Kapur, who inherited and expanded the Sona Group before taking Sona Comstar public, held a significant stake through Aureus Investment Private Ltd.

 

The case has widened to questions over the valuation and composition of his estate, highlighting the need for clearer succession planning in Indian business families.

 

Gensol

 

Earlier this year, Gensol Engineering, the parent company of now-shut BluSmart Cab, came under scrutiny after the Securities and Exchange Board of India barred its promoters and directors Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market, citing alleged fund diversion and fraudulent practices.