2023 India M&A Report: Building Durable Advantage in Uncertain Times

Kanchan Samtani Akshay Kohli Dhruv Shah Ashish Baid

M&A activity in India remained buoyant even as global activity tempered post the COVID -19 pandemic, showing continued acceleration in 2022 with ~$110B in deal value and ~1,000 deals. This has been driven by companies investing for long-term advantage – growing their core, building capabilities and expanding into adjacencies. However, challenging macro-economic conditions such as geopolitical tensions, supply chain disruptions, high inflation and rising interest rates make the current environment increasingly uncertain. On the other hand, supply side buildup with ~$230B in corporate cash reserves and ~$13B in private equity dry powder provides a real opportunity to pursue value accretive M&A.

With this backdrop, BCG’s India-focused M&A report deep dives into how companies can use M&A as a key lever to build durable advantage during these uncertain times. The report presents a view of the current M&A market landscape, perspectives on trends that can potentially shape upcoming M&A activity, and imperatives for corporate executives to make quality, high conviction deals that can drive strong & sustainable value creation.

Principal Investors and Private Equity