MUMBAI: Indian companies have been involved in deals worth a record US$97.6bil this year. Top banker JPMorgan Chase & Co is predicting more offshore interest in the nation, particularly in technology, media and telecom.
Walmart Inc’s US$16bil acquisition of a majority stake in Indian e-commerce company Flipkart Online Services Pvt Ltd – a deal JPMorgan advised – has been the biggest so far, pushing the total past a previous annual peak of US$92.3bil, according to data compiled by Bloomberg. India’s bankruptcy process has also spurred activity with more than US$26bil in distressed steel assets coming on the block, while a price war in telecom forced consolidation.
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