Deal activity more than doubled to $6.541 billion in November as compared to October on the back of a surge in high-value transactions, according to a report on Tuesday.
In October, the total deal activity in India was pegged at $2.687 billion in value terms, consultancy firm Grant Thornton Bharat said in the report.
In terms of the number of transactions, November saw a decline to 132 deals as against 167 in October, primarily because of a decline in private equity investments, the report said.
German major Siemens AG's 18% stake buy in local unit Siemens for $2.28 billion was the largest transaction in November, while AU Small Finance Bank's $529 million acquisition of Fincare Small Finance Bank was the second largest, it said.
The overall merger and acquisition activity stood at $4.4 billion, making November the busiest one for such deals in 2023.
"The remarkable surge in M&A deal values to the $4-billion mark set a record for 2023, which is heartening to see in a challenging global economic environment," its partner Shanthi Vijeta said.
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