Top 5 M&A and Private Equity Deals of October 2025

India’s corporate deal landscape soared in October 2025, clocking transactions worth $16.8 billion. Despite a dip in volumes, a handful of large-scale acquisitions and private equity infusions propelled the total value 134% higher month-on-month, according to Grant Thornton Bharat’s Dealtracker.

India recorded 189 deals overall, 69 mergers and acquisitions (M&A) worth $7 billion, and 120 private equity (PE) deals worth $3.6 billion.

India’s Billion-Dollar Buys Redefine October’s Deal Landscape

The banking, infrastructure, and technology sectors dominated dealmaking, collectively driving most of the month’s record-breaking value. Banking and financial services alone contributed 44% of the total transaction value, underscoring the sector’s continued investor appeal. 

The top 5 M&A transactions alone accounted for the majority of October’s total deal value.

Top 5 M&A Deals of October 2025

1. Emirates NBD acquires 60% of RBL Bank — $3 billion: The UAE-based Emirates NBD Bank’s $3 billion purchase of a 60% stake in RBL Bank marked India’s largest cross-border acquisition of 2025, strengthening investor confidence in the banking sector.
2. Vedanta buys Jaiprakash Associates — $1.93 billion: Vedanta Limited acquired 100% of Jaiprakash Associates through the Insolvency and Bankruptcy Code (IBC), a $1.93 billion transaction that pushed the infrastructure sector’s deal value up 5.3x over September.
3. Jindal Power acquires Jhajjar Power — $455 million: Jindal Power’s acquisition of Jhajjar Power’s thermal project for an estimated $455 million cemented the energy sector’s resurgence.
4. RateGain acquires Sojern — $250 million: In a global travel-tech consolidation move, RateGain bought Sojern Inc. for $250 million, expanding India’s footprint in hospitality technology.
5. Telangana Government acquires L&T Metro Rail Hyderabad — $227 million: The state government’s $227 million buyout of the city’s metro project reflected strategic infrastructure consolidation.

Read More: India’s Equity Revolution: NSE Investor Base Surges to 12 Crore!

Top 5 Private Equity Deals of October 2025

1. IHC invests in Sammaan Capital — $1.006 billion: Abu Dhabi’s IHC made India’s largest-ever PE investment in an NBFC by acquiring a 41% stake in Sammaan Capital.
2. Blackstone buys 10% in Federal Bank — $705 million: The $705 million investment reaffirmed strong global confidence in Indian financial institutions.
3. Zepto raises $450 million: Quick-commerce unicorn Zepto’s $450 million fundraise led the retail and consumer sector for October.
4. Synergy Capital invests in Saurashtra Fuels — $227 million: The $227 million investment in Saurashtra Fuels marked a major boost to India’s manufacturing segment.
5. Raise Financial Services (Dhan) raises $120 million: Fintech startup Dhan raised $120 million, becoming India’s fourth unicorn of 2025.

Conclusion

October 2025 stood out as one of India’s most vibrant months for corporate transactions, with banking, infrastructure, and technology leading the way. Billion-dollar deals from global investors highlighted India’s sustained attractiveness as an investment destination, setting the tone for robust deal momentum into the year’s final quarter.

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