Mumbai-based Inventurus Knowledge Solutions (IKS) is in advanced talks to raise a $675 million offshore loan to fund its proposed acquisition of US-listed TruBridge, according to people aware of the development. The loan is being arranged by a consortium of Citigroup, JPMorgan Chase and Deutsche Bank, with each lender expected to underwrite $225 million. The facility is likely to be priced at around SOFR plus 275 bps and could be signed this week, they said.

ET had reported on April 13 that IKS was evaluating the acquisition of TruBridge, a Nasdaq-listed healthcare IT and revenue cycle management company. The proposed all-cash transaction would be the company's largest acquisition to date. The loan will be syndicated to a wider pool of lenders, including Indian and foreign banks, after initial underwriting, sources said. "The deal will be distributed across a set of lenders post-signing," one person aware of the discussions said. "The pricing of around 275 bps over SOFR reflects relatively tight spreads for a transaction of this size, though final terms could be adjusted depending on syndication demand."

Wipro Hydraulics, a part of Wipro Infrastructure Engineering, on Thursday said it has signed a definitive agreement to acquire a majority stake in Italy-based Indeco Ind Spa.

The acquisition will allow Wipro to expand its portfolio beyond hydraulic cylinders and enter the hydraulic attachments market.

Established in 1976, Indeco manufactures hydraulic hammers, mulching heads, shears, and other demolition-related attachments for the construction, demolition, and recycling industries. The company operates seven manufacturing facilities in Italy and one in the US.

Top-tier tech major, Wipro has announced that it will acquire select customer contracts of Alpha Net Consulting LLC and its subsidiaries (Alpha Net Group). Wipro, is set to fund the acquisition through cash.

According to Wipro’s statement to the exchanges, the acquisition will help it gain access to key clients, existing contracts, and related workforce. The move is expected to strengthen its AI-powered and consulting-led application services, opening up new growth opportunities.

Wipro to pay up to $70.8 million
The company expects to complete the transaction by June 30. It does not require any government or regulatory approvals.The total purchase consideration stands at up to $70.8 million, including a deferred component linked to performance-based earn outs.

Non-banking finance company Sammaan Capital sold a Rs 5,000 crore loan portfolio to stressed loan aggregator Arcil, in one of the largest such loan sales in the just-ended fiscal year.

Real estate investment trust Mindspace Business Parks REIT has acquired 51% stake in an information technology park spread over 2.6 million sq ft in Chennai for Rs 1,500 crore. The acquisition price includes the property’s debt worth Rs 600 crore and the deal values the asset at Rs 3,000 crore at enterprise level.

Along with the REIT, 360 ONE Asset’s real assets funds have picked up the balance 49% stake.

Brookfield Asset Management is readying to divest its 550-megawatt solar power project in Rajasthan's Bikaner for an expected enterprise value (EV) of Rs 3,000 crore, according to people familiar with the development.

Investment bank Jefferies is managing the sale process on behalf of the global alternative asset manager and a few initial bids have been received from overseas investors as well as domestic power producers, they said.

Coforge is back in focus as it has secured all regulatory approvals and statutory clearances to acquire Encora. The acquisition aims to create a $2.5 billion AI-native technology services firm, with a $2 billion core focused on data, AI-led engineering, and cloud-based services.

Coforge in its regulatory filing said on Monday, “All the regulatory approvals and statutory clearances in multiple.”

Company says merger by April end
The two companies may get merged by April end. “We are pleased to report that the transaction has gone exactly as per plan and every element of anticipated synergies is on course to be realized. We look forward to the two firms merging by the end of April and subsequently operating as a $2.5 plus billion firm on a run rate basis, with a $2 billion enterprise core of AI-led engineering, data, and cloud services,” said Sudhir Singh, Chief Executive Officer and Executive Director, Coforge.

Ahmedabad-based Torrent Pharmaceuticals is planning to sell its Calcigard brand to fulfil the assurance it had given to secure regulatory approval for its acquisition of JB Chemicals, sources told Moneycontrol. The move follows market monopoly concerns expressed by the Competition Commission of India (CCI), sources told Moneycontrol.

Torrent, which in June 2025 announced its takeover of JB Chemicals, completed the acquisition by picking a 46.39 percent controlling stake for Rs 12,000 crore, pending regulatory approvals.
Following this acquisition, Torrent would have commanded over 90 percent market share of nifedipine in India and CCI is of the view such high concentration of market share may have an adverse impact on market players as well as customers.

Inventurus Knowledge Solutions (IKS), a healthcare technology solutions company backed by the family of the late Rakesh Jhunjhunwala, is in advanced negotiations to acquire Nasdaq-listed TruBridge in the US for around $600 million, said people aware of the matter.

If the deal takes place, this will be the company’s largest purchase and will help consolidate its presence in the healthcare solutions and revenue cycle management (RCM) segment, the people said. The transaction is in line with heightened investor interest in the space, which has seen unprecedented consolidation in the past two years.

A formal announcement is expected in the coming days.

Bosch Group's flagship firm Bosch Limited on Wednesday said it intends to acquire 100 per cent of its vehicle motion business, Bosch Chassis Systems India, through a cash deal and issuance of equity shares on a preferential basis.

The move positions Bosch with a more comprehensive mobility portfolio, enabling it to better cater to the evolving demands of the domestic automotive sector, the company said.

Bosch Chassis Systems India Private Limited represents the business of Bosch's vehicle motion division in India and is one of the market leaders in automotive safety systems.

The transaction will strengthen Bosch's capabilities, enabling it to further invest in critical domains like safety and braking over and above its strong footprint in power solutions, it said.
The boards of the Bosch Group, Bosch Limited, and Bosch Chassis Systems India Private Limited have approved these transactions, and it is now subject to approval from Bosch Limited shareholders, it said.

Banks, especially large public sector lenders such as State Bank of India and Bank of India, have begun seeking legal advice on reviving acquisition financing in the domestic market, following the Reserve Bank of India’s (RBI) release of its final prudential guidelines on acquisition financing. “Large PSU banks have shown a lot of interest… they have a large appetite. The interest is already visible,” said a senior partner at a law firm, stating that lenders have started internal evaluations on how to operationalise the new framework. Banks are now preparing board-approved policies, subject to risk department vetting and upgrades in staffing and capabilities. Why Lenders are Racing to Comply A senior private sector banker said the initial draft guidelines were “widely dismissed as toothless,” offering little flexibility and failing to address long-standing industry concerns. “But the RBI’s revised guidelines have dramatically altered that perception. Banks are eager to enter this business. The final guidelines are far more favourable and provide ample operational headroom,” added a senior official at a state-run bank.

India’s M&A landscape has decisively shifted toward the public markets. In CY2025, listed companies accounted for nearly one-third (30%) of all acquisitions, up from 23% a year earlier, signalling a clear shift in dealmaker preference. The trend is even more pronounced at the top end — eight of the 14 largest transactions, worth a combined $39.5 billion, involved listed entities, underscoring their growing dominance in big-ticket dealmaking. “Transparency, liquidity, and valuation clarity have seen growing investor preference for listed companies,” said a senior official at a domestic investment bank. Adding further, Sourav Mallik, MD and Deputy CEO of Kotak Investment Banking, said, “Listed M&A continues to gain traction, and we expect this trend to continue,” indicating the growing comfort of investors with acquiring publicly traded businesses. The year’s activity was dominated by the financial services, healthcare, and industrial sectors, which continue to attract both strategic and financial buyers. India recorded $120 billion in M&A transactions in 2025, a 14% year-on-year increase, reaffirming its position among the world’s top-10 M&A markets. Even as global dealmaking remained uneven, India’s resilience and depth stood out.

Universal Music India (UMI), part of Universal Music Group (UMG), has entered into a definitive agreement to acquire a 30% stake in Excel Entertainment, valuing the Indian film and digital content studio at `2,400 crore. The deal will mark one of the most significant cross-industry partnerships between a global music major and an Indian film production house, underscoring the growing convergence between the music and visual content sectors. The agreement will also see UMI and Excel collaborate to accelerate the studio’s growth and strengthen UMG’s footprint in India, currently the world’s 15th-largest recorded music market. What does this partnership entail? Under the partnership, UMG will gain global distribution rights for all future original soundtracks created for Excel projects. The two companies will also launch a dedicated Excel music label, to be globally distributed by UMG. In addition, Universal Music Publishing Group will become Excel’s exclusive music publishing partner, creating opportunities for UMG and UMI artists and repertoire to feature in Excel’s future productions.

Japanese investment via mergers and acquisitions (M&A) in India surged to a historic high in 2025, marking one of the strongest years for foreign capital inflows into the country. Japanese firms deployed over $9 billion this year—led by MUFG’s landmark $4.4 billion investment in Shriram Finance, followed by JFE Holdings’ investment in Bhushan Power & Steel for $1.75 billion. The last time we saw such a huge investment by Japanese firms in India was in 2019, when ArcelorMittal and Nippon Steel acquired Essar Steel for close to $7 billion. In the last 10 years, since 2016, Japanese investors have pumped close to $20 billion in 48 M&A deals, of which the top 10 accounted for $18.2 billion. Five of the top 10 investments by Japanese firms in India since 2016 were reported in 2025, accounting for close to $8 billion. Redefining India’s Financial Landscape The year 2025 has emerged as a turning point, with Japan’s largest financial institutions aggressively expanding their presence in India. MUFG’s December announcement of a nearly Rs 40,000-crore deal for a 20% stake in Shriram Finance—the biggest FDI in India’s financial sector to date—set the tone. In December 2025, Mizuho Financial Group’s acquisition of a controlling stake in Avendus for Rs 4,720 crore and Sumitomo Mitsui Banking Corporation’s (SMBC) Rs 13,483-crore purchase of a 20% stake in YES Bank earlier in May.

Fast-moving consumer goods (FMCG) companies are expected to maintain a steady pace of acquisitions in the direct-to-consumer (D2C) space in 2026, as they look to accelerate premiumisation, shorten innovation cycles and build sharper digital capabilities amid uneven volume growth in their core portfolios. According to industry executives and investors, the case for buying D2C brands remains intact, even as deal-making becomes more selective. The focus is likely to be on brands that can scale cleanly through an incumbent’s balance sheet, supply chain and distribution network, while retaining their differentiated positioning and consumer connect. “These companies operate on rapid test-and-iterate cycles, enabling large FMCG players to compress product development timelines from years to months,” Vikram Gupta, founder and managing partner at IvyCap Ventures,told FE. He added that D2C brands also bring deep first-party consumer data, covering discovery, repeat behaviour and churn, giving acquirers clearer visibility into evolving preferences and pricing elasticity.

KFC and Pizza Hut operator Sapphire Foods India Limited is set to merge into Devyani International Limited which also operates the QSR chains in the country, the company said in a statement on Thursday, January 1. The deal, first reported by the Economic Times, comes as fast-food franchisees in India face slowing same-store sales and margin pressures, with consumers cutting back on dining out and ordering in amid high living costs. Devyani will issue 177 shares for every 100 shares of Sapphire as part of the deal and it expects annual synergies of Rs 210 crore to Rs 225 crore from the second full year of operations of the combined entity. As part of the deal, group company Arctic International will acquire about 18.5 per cent of Sapphire Foods’ paid-up equity from existing promoters, with an option to assign the stake to a mutually agreed financial investor.

Global deal-making clocked in at $4.8 tn last year-the second-highest total in four decades, eclipsed only by the 2021 lockdown binge. By headline numbers. mergers are back. By substance, they never left. By outcomes, they still don't work. A record 166 transactions above $5 bn were announced. Yet, total M&A value in 2025 was the lowest in a decade. This apparent contradiction reflects extreme concentration: a handful of outsized deals inflate headline values, while activity below the mega-deal tier has thinned sharply. Just 68 transactions above $10 bn did most of the heavy lifting. Rest of the market quietly shrank. Technology led the charge, devouring over $1 tn worth of targets, more 2x volume of healthcare, However, before celebrating this resurgence, it's worth confronting an inconvenient empirical truth. Baruch Lev and Feng Gu's study of 40,000 acquisitions over four decades in their 2024 book, The M&A Failure Trap, finds that 70-75% of mergers fail to live up to expectations. This is despite ritual incantations of transformational synergies' and 'unlocked shareholder value phrases that now sit somewhere between fiction and faith.

India’s mergers and acquisitions pipeline is expected to remain robust in the coming year, building on a strong rebound in dealmaking through 2025. Domestic consolidation touched $104 billion this year, marking its best performance in two years, while inbound transactions rose to $30 billion, driven largely by lenders from East Asia and the Middle East buying stakes in Indian banks, reported TOI. Outbound activity also gathered momentum, jumping to $22 billion -- the highest level in a decade -- led by overseas purchases by companies such as Tata Motors and Tega Industries. Among emerging markets, India ranked second in deal value, trailing only China’s $410 billion, Dealogic data showed. Bankers expect the momentum to carry forward. “We see sustained strength in M&A activity in 2026, supported by healthy corporate balance sheets and increasing confidence among promoters,” said S Sundareswaran, head of M&A for India at Morgan Stanley.

India’s M&A landscape was dominated by inbound deals in 2025, but a quieter, emerging shift this year has been Indian companies increasingly looking outward. Overseas acquisitions accounted for over one-fourth (25.4%) of the total deal market in 2025 till December 15, 2025. It was just 10% of the total deal value in 2023, steadily rising to 19.6% in 2024. “Indian companies saw a clear advantage in scaling up inorganically by accessing new markets, technologies, and products. A major driver was also the valuation arbitrage, with Indian firms trading at significantly higher valuations than many of the overseas companies they acquire,” said Bhavesh Shah, MD & Head of Investment Banking at Equirus Capital. “Outbound acquisitions today are driven by strategic necessity as much as tactical opportunism—faster time-to-market. Building organically cannot match the pace at which global industries and global economic paradigm are transforming,” said Ramakrishnan Kalyanaraman, Senior Managing Director-Strategic Relationships, Spark Capital. Shift to Global Expansion Coforge’s acquisition of US-based digital engineering firm Encora in an all-stock transaction valued at $2.35 billion is a great example of Indian companies stepping up their cross-border acquisitions for a very clear reason: digital transformation has become the new battleground. Instead of building capabilities from scratch, firms are buying niche global players that already sit deep within clients’ digital journeys—giving them instant access to technology, talent, and end customers. “If I have the cash and the scale, acquiring a specialised firm becomes the fastest way to future-proof my business—whether that means new markets, new capabilities, or simply staying ahead of the automation curve,” Kalyanaraman added.

India's Securities and Exchange Board (SEBI) plans to amend its merger and acquisition rules, including barring acquiring companies from offering higher prices or additional compensation to major shareholders, said two sources with direct knowledge of the matter. The reforms aim to level the playing field for smaller and retail investors and expedite deals, the sources said, requesting anonymity as they were not authorised to speak to the media. The proposed changes have not been previously reported. SEBI Chairman Tuhin Kanta Pandey, speaking to reporters after a board meeting on Wednesday, confirmed efforts to revamp the so-called "takeover code" regulations, stating that proposed changes would be put out for public feedback. He did not disclose specific details.