Excluding the Tata Motors-Iveco deal, values fell 36 percent in the June quarter, indicating that big strategic bets continue to drive overall deal momentum, according to Grant Thornton Bharat Q3 2025 Automotive Dealtracker.
While deal volumes remained consistent with the previous quarter, values rose sharply, largely due to Tata Motors’ $3.8 billion acquisition of Iveco SPA, which was one of India’s largest outbound car transactions to date, it added.
“This quarter’s strong M&A and PE activity reflects India’s growing global ambition in commercial mobility and a clear shift towards scalable, technology-enabled platforms,” said Grant Thornton Bharat Partner and automotive industry leader Saket Mehra.
As policy tailwinds and festive demand converge, he said: “We expect continued momentum in alternative fuel technologies, automotive technology and supply chain digitalisation.”
Mehra noted that the Indian auto sector is in a phase of strategic reset, balancing policy reforms, consumer realignment and global expansion. “The rollout of GST 2.0 and targeted tariff interventions have paved the way for renewed demand, even as OEMs and investors focus on cleaner, smarter mobility solutions,” he added. According to the Automotive Dealtracker, the September quarter (Q3) reflected a strategic pivot towards global expansion, electrification and supply chain recalibration, as both strategic buyers and private investors intensified focus on future-proof mobility platforms.
While M&A activity was dominated by cross-border consolidation activity, private equity (PE) interest remained stable in scalable, technology-enabled segments such as electric mobility, fleet electrification and Mobility-as-a-Service (MaaS), it added.
Mergers and acquisitions (M&A) activity increased in the third quarter of 2025, with seven deals worth $4.1 billion. This meant a volume decline of 13 percent, but a value increase of 1,234 percent compared to the second quarter.
Cross-border deals dominated, accounting for 71 percent of volumes and 99 percent of total value, with Asia and Europe being the main regions of activity.
Samvardhana Motherson International made three outbound acquisitions this quarter, strengthening India’s role in global automotive supply chains, Grant Thornton Bharat said.
However, public market activity remained subdued in the third quarter of 2025, and no major IPOs or QIPs were registered, it added.
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