India Inc recorded only 89 deals, valuing $1.8 billion in February 2023, indicating a 54% decline in volumes and a 60% decline in values compared to February 2022 as investors continued treading cautiously amid macroeconomic uncertainties, a deal tracker released by Grant Thornton Bharat said on Tuesday.
This also marked the second-lowest deal volumes and lowest values recorded since 2014, as per the tracker.
Commenting on the deal activity, Shanthi Vijetha, Partner – Growth at Grant Thornton Bharat said, “U.S. economic data has been pointing towards a slowdown. However, the recession is not confirmed yet. China has seen an accelerated reopening, and that has provided a boost to the commodity market.”
On the domestic front, he said the policy review also acknowledged that domestic economic activity was expected to remain resilient, aided by the sustained focus on capital and infrastructure spending in the Union Budget 2023-24. “While the deal activity is subdued, the Indian market is still considered to provide good opportunities for deals/investments,” he added.
The mergers and acquisitions (M&As) landscape also witnessed a significant downtrend both in terms of deal volumes by 48% and values by 47%, clocking 24 deals at $755 million, compared with February 2022, the tracker reported.
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