New Mountain Capital Leads $2B Acquisition Spree in India
Deal News | Jul 11, 2025 | EIN
India's mergers and acquisitions (M&A) market witnessed significant activity in the first half of 2025, recording deals worth $45.44 billion, representing a modest increase from the previous year. Despite a slight dip from the post-pandemic highs of 2022, the deal count rose by 7.1% to 1,614, indicating a robust appetite for mid-sized and smaller assets among domestic conglomerates and private equity (PE) funds. The healthcare, infrastructure, and financial services sectors emerged as key drivers, with notable transactions including New Mountain Capital's $2 billion acquisition of Access Healthcare Services and Adani Ports & SEZ's $1.97 billion purchase of Abbot Point Port Holdings.
Sectors
- Healthcare
- Infrastructure
- Financial Services
- Consumer Technology
Geography
- India – The majority of the deal-making activity and M&A transactions are centered in India.
- United States – Hindalco Industries acquired US-based AluChem Companies, indicating cross-border M&A activity involving the US.
- Asia-Pacific – Adani Group's strategy to expand in Asia-Pacific highlights the region's significance in their logistics portfolio.
Industry
- Healthcare – The healthcare sector is a major driver of M&A activity, as evidenced by New Mountain Capital's acquisition of Access Healthcare Services.
- Infrastructure – Infrastructure deals, such as Adani Ports' acquisition of Abbot Point Port Holdings, highlight significant market interest.
- Financial Services – The financial services industry saw notable consolidation, including Bajaj Holdings' transaction to acquire Allianz SE's stake.
- Consumer Technology – Previously a hot area for PE activity, consumer tech has seen muted interest due to valuation resets and funding challenges.
Financials
- $45.44 billion – Total M&A deal value in the first half of 2025.
- $2 billion – Value of New Mountain Capital's acquisition of Access Healthcare Services.
- $1.97 billion – Value of Adani Ports' acquisition of Abbot Point Port Holdings.
- $1 billion – Value of Temasek's acquisition of a stake in Haldiram Foods.
- $1.2 billion – Value of Bajaj Holdings' acquisition of Allianz SE's stake in Bajaj Allianz General Insurance.
- $125 million – Enterprise value of Hindalco Industries' acquisition of AluChem Companies.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| New Mountain Capital | Buyer | Company | Acquired Access Healthcare Services for $2 billion. |
| Access Healthcare Services | Target | Company | A Chennai-based revenue cycle management firm acquired by New Mountain Capital. |
| Temasek | Buyer | Company | Acquired a 10% stake in Haldiram Foods for $1 billion. |
| Haldiram Foods | Target | Company | The company from which Temasek acquired a 10% stake. |
| Adani Ports & SEZ | Buyer | Company | Acquired Abbot Point Port Holdings for $1.97 billion. |
| Abbot Point Port Holdings | Target | Company | Acquired by Adani Ports & SEZ. |
| Hindalco Industries | Buyer | Company | Acquired 100% equity in US-based AluChem Companies. |
| AluChem Companies, Inc. | Target | Company | US-based company acquired by Hindalco Industries. |
| Bajaj Holdings & Investment Ltd | Buyer | Company | Bought out Allianz SE's stake in Bajaj Allianz General Insurance. |
| Allianz SE | Seller | Company | Sold its stake in Bajaj Allianz General Insurance to Bajaj Holdings. |
| JSW Paints | Buyer | Company | Involved in a significant M&A deal, acquiring part of Akzo Nobel India. |
| Torrent | Buyer | Company | Acquired a majority stake in JB Chemicals. |
| BP Plc | Seller | Company | Invited expressions of interest for Castrol India Ltd, potentially selling to Reliance Industries. |
| Reliance Industries | Potential Buyer | Company | Interested in acquiring Castrol India Ltd. |