Archive · 5 Jan 2026
Citigroup Leads India's 2025 M&A Boom
Citigroup was the top advisor for mergers and acquisitions (M&A) in India in 2025.
They helped with deals worth $25.9 billion, which was the most among all banks.
Other big banks like JPMorgan Chase and Morgan Stanley also had a lot of deals, but not as many as Citigroup.
The total value of all M&A deals in India in 2025 was $168.1 billion, which is a lot more than the $110 billion in 2024.
Most of the big deals happened in the last few months of the year.
Experts think there will be more big deals in 2026 because companies need to grow bigger and some sectors are having a hard time.
Indian banks like Axis Bank and ICICI Bank also did well in advising on these deals.
Citigroup led India's 2025 M&A advisory league table with $25.9 billion in deals, accounting for 15% of total announced deal value.
JPMorgan Chase ranked second with $24.3 billion in deals, followed by Morgan Stanley with $18.2 billion and Goldman Sachs with $13.7 billion.
India's total announced M&A value in 2025 was $168.1 billion, up from $110 billion in 2024, driven by large transactions in the final months.
The top ten advisers accounted for 44% of India's total announced M&A value in 2025, highlighting a gap between global banks and smaller advisers.
Domestic lenders like Axis Bank and ICICI Bank also featured prominently, with $10.9 billion and $9.7 billion in deals respectively.
- Who
- Citigroup, JPMorgan Chase, Morgan Stanley, Goldman Sachs, Axis Bank, ICICI Bank, and other financial institutions
- What
- Citigroup topped India's 2025 M&A advisory league table with $25.9 billion in deals
- When
- In 2025, with a significant surge in Q4
- Where
- India
- Why
- Due to a burst of large transactions towards the end of the year and strategic imperatives overriding caution
- Total M&A Value (2025)
- $168.1 billion
- Total M&A Value (2024)
- $110 billion
- Citi's 2025 Deal Value
- $25.9 billion
- JPMorgan Chase's 2025 Deal Value
- $24.3 billion
- Morgan Stanley's 2025 Deal Value
- $18.2 billion
- Goldman Sachs' 2025 Deal Value
- $13.7 billion
- Axis Bank's 2025 Deal Value
- $10.9 billion
- ICICI Bank's 2025 Deal Value
- $9.7 billion
Sources
Citigroup tops India’s 2025 M&A advisory league table
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