 "consumer goods, FMCG")
India’s consumer and retail sector in the first quarter of 2025 recorded its highest deal volume in three years amid a broader rebound in private equity and M&A (mergers and acquisitions) activity, according to a Grant Thornton Bharat report.
The sector closed 139 deals worth $3.8 billion, marking a 65 per cent surge in volume and a 29 per cent rise in value over the previous quarter. This performance made consumer and retail the most active sector by volume, driven largely by a flurry of small-ticket transactions and two billion-dollar deals.
The two billion-dollar deals were Temasek’s $1 billion acquisition of a 10 per cent stake in Haldiram’s, marking the largest packaged food transaction in India’s history, and Singapore-based Wilmar International’s $1.44 billion buyout of Adani Wilmar’s staples business. Together, these contributed to more than three-fourths of the sector’s total deal value.
“Private equity investments were spread across diverse sectors, with consumer and retail taking the lead, accounting for 28 per cent of deal volumes and 18 per cent of the values,” said Shanthi Vijetha, partner, due diligence, Grant Thornton Bharat. According to the report, overall private equity and venture capital (PE/VC) dealmaking in the country hit an 11-quarter high, clocking 408 deals worth $8.6 billion, a 66 per cent jump in value over the previous quarter.
The e-commerce, fast-moving consumer goods (FMCG), textiles, apparel, accessories, and personal care segments collectively accounted for 63 per cent of deal volume. However, the average deal size shrank to $27.2 million from $34.8 million last quarter, said the report.
“Overall, a muted sentiment in the capital markets in India suggests that valuations should reach more realistic levels to restore investor interest, though global uncertainty from US tariff expectations shall keep investors waiting to see how the chips land in the coming days,” said Vishal Agarwal, partner and private equity group and deals tax advisory leader, Grant Thornton Bharat.
 "real estate, luxury homes")
 "India's real estate sector, significantly buoyed by a robust economy, has emerged as a pivotal player in the country's development. With an 18 per cent share in national employment, real estate is the largest employment generator after agriculture. C")
 "National Highway for Electric Vehicle, NHEV")
 "Aviation fuels")
 "work from office, office space, office work")
