The value of mergers and acquisitions (M&As) and private equity (PE) investments in India’s consumer and retail sector surged to a three-year high of nearly $4 billion in the January–March 2025 quarter, according to Grant Thornton Bharat’s latest quarterly deal tracker report.
Topping the deal charts were two mega investments: Temasek, the Singapore-based PE firm, invested $1 billion for a 10% stake in Haldiram Snacks, while Wilmar International increased its holding in Adani Wilmar (now renamed AWL Agri-Business after Adani Group’s exit) from 44% to nearly 75% through a $1.4 billion deal. These high-value investments underscore growing investor confidence in India’s food processing and consumer goods segments, the report noted.
The total deal value in Q1 2025 was three times higher than the $1.28 billion recorded in Q1 2023 and more than double the $1.74 billion seen in Q1 2024. The number of deals also climbed to 139, compared to 78 in Q1 2023 and 102 in Q1 2024.
“India’s consumer and retail sector is entering a dynamic phase of growth, with M&A and private equity investments surging across high-potential segments such as food & beverages, personal care, and e-commerce,” said Naveen Malpani, Partner and Consumer Industry Leader at Grant Thornton Bharat.
“In particular, the F&B space is seeing strong momentum, as consumers seek better products and brands embrace digital distribution to reach them. We expect strategic consolidation and capital inflows to continue, as businesses demonstrate resilience, digital agility, and strong consumer connect.”
The consolidation trend was evident in strategic acquisitions by major players: Hindustan Unilever (HUL) acquired D2C skincare brand Minimalist, ITC took over frozen foods brand Prasuma, and Adani Wilmar acquired GD Foods, the maker of Tops sauces and pickles.
(With IANS inputs)
