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JPMorgan: Indian Firms Boost Overseas M&A for Supply Chain Security
- •JPMorgan Chase anticipates a rise in outbound mergers and acquisitions by Indian companies seeking to secure vital supply chains amidst geopolitical volatility and the weaponization of critical resources.
- •Paul Uren, head of investment banking for Asia Pacific at JPMorgan, noted that Indian companies possess strong acquisition currency and access to capital markets, fueling continued outbound M&A growth.
- •Outbound deals from India have nearly reached $24 billion this year, on track for a record high, with overall M&A in India hitting $100 billion in H1 2026 across 680 deals.
- •Notable deals include Sun Pharmaceuticals' $11.75 billion acquisition of Organon & Co, with Indian firms also pursuing energy and critical mineral supplies through free trade agreements.
- •While India's IPO activity has slowed this year, large offerings from NSE and Reliance Jio Platforms are expected to significantly boost equity capital markets, despite stronger current activity in other APAC regions.
Key Questions Answered
Indian companies are pursuing overseas mergers and acquisitions to secure key supply chains against volatile geopolitics and the weaponization of critical supplies like critical minerals. According to JPMorgan, factors like supply chain resiliency, strong acquisition currency, and access to capital markets are driving this trend.
Overall M&A in India reached the $100 billion mark during the first half of 2026 across 680 deals, while outbound deals alone approached $24 billion.
India's equity capital markets have experienced a slowdown this year due to weak secondary markets and lower valuations, with IPOs raising $9.9 billion across 194 firms by September 21, 2026. However, upcoming large offerings like NSE's $2.3 billion offering and Reliance Jio Platforms' $3.8 billion share sale are expected to boost activity.
