Japanese investors have arrived in full force: Kotak's Sourav Mallik

Mint in an interview.From JSW Paints acquiring AkzoNobel to Torrent Group acquiring J.B. Chemicals & Pharmaceuticals to Bajaj Finance buying out Allianz, growth-hungry Indian business groups are now making substantive M&A moves, he said.“We have seen that capital from global investors is headed towards India, and domestic capital continues to flow unabated.

Domestic groups are getting stronger and stronger and becoming very active in M&A. They will continue growing via M&A, and I think M&A activity and volumes in calendar 2026 will surpass that in 2025,” Mallik said.For 2025, Kotak Mahindra Group’s investment banking arm led domestic banks in investment banking fees and ranked fourth overall, generating $77.4 million in revenues across equity, debt, and M&A deals.Its notable transactions included KKR’s sale of JB Chemicals to Torrent Pharma ($1.4 billion), Bain Capital’s $1.1 billion investment in Manappuram Finance, Carlyle’s $400 million stake in Roop Automotive, and Ecom Express’ $165 million sale to Delhivery, among others.“The deal activity is reasonably broad and wide.

There are obviously the larger groups who are more active when it comes to M&A, but mid-sized businesses, too, have been throwing up deal opportunities, both as acquirers or targets. It is driven by business confidence, comfort around balance sheets, and availability of capital, both debt as well as equity,” Mallik said.M&As in India are driven by groups looking to enter new segments, hive off non-core businesses, or deepen penetration and market share in their existing businesses.