India outbound could be big: JP Morgan sees surge in global M&A ambitions among Indian firms

Several Indian firms have already begun executing outbound deals. Mint noted that RPG Group’s Ceat acquired Canada-based Camso in a $200 million deal last year.

Indian companies are increasingly scouting for acquisition opportunities overseas to tap into advanced technology, enhance manufacturing capabilities, and diversify their global footprint, senior executives at JP Morgan told Mint.

“India outbound could be quite relevant in the years to come, especially in a three-to-five-year timeframe,” said Nitin Maheshwari, co-head of investment banking at JP Morgan India. “There are live conversations that are starting to happen with target companies that our clients have tracked historically,” he told Mint.

Maheshwari, who also heads mergers & acquisitions (M&A) and financial sponsors for India, said that the combination of stronger balance sheets and valuable listed securities is enabling Indian companies to pursue international deals, particularly as global assets become more affordable.

Echoing this view, Ravi Shankar, JP Morgan’s co-head of investment banking for India and head of the technology, media, telecom (TMT), and consumer & retail verticals, said capital markets are proving to be effective enablers for outbound M&A.

“For an Indian buyer looking at an asset, their ability to pay top dollar is higher if they trade at high multiples,” Shankar said.

Several Indian firms have already begun executing outbound deals. Mint noted that RPG Group’s Ceat acquired Canada-based Camso in a $200 million deal last year. Infosys followed with two back-to-back acquisitions in April, Australian cybersecurity firm The Missing Link and U.S.-based technology consulting firm MRE Consulting. Intas Pharma, meanwhile, acquired Coherus Biosciences in the U.S. for over $558 million in January. Wipro has also made multiple overseas bets in recent years.

Shankar believes global supply chain restructuring is creating fresh opportunities for India Inc., particularly in manufacturing.

“The big opportunities for India Inc globally are on the manufacturing side, this could reshape supply chains for global companies and drive a lot of traffic to India,” he told Mint.

Maheshwari pointed to specific sectors primed for growth through outbound M&A, including specialty manufacturing, auto and auto components, and pharmaceuticals. He added that most Indian pharma companies are currently underleveraged and well-positioned to acquire niche assets abroad, helping them climb up the global value chain.

The executives noted that increased global interest in building diversified supply chains, accelerated by geopolitical risks and U.S. tariffs, is driving manufacturing growth in India and encouraging Indian firms to secure complementary assets in key global markets.

JP Morgan has advised on several prominent transactions in India in recent years. As per Mint, the firm advised SMBC on its stake acquisition in Yes Bank and IBS Software on its pending acquisition by Blackstone. It also played a role in Walmart’s 2018 Flipkart buyout and the subsequent $3.6 billion fundraise, as well as the $3.1 billion sale of Hexaware by Baring Private Equity Asia (now EQT) in 2022.