Citi tops M&A...

DALAL POINTED TO a series of large transactions announced late in the year, including Torrent Pharmaceuticals' acquisition of JB Pharma, Emirates NBD's agreement to acquire a controlling stake in RBL Bank, Mitsubishi UFJ Financial Group's blockbuster ₹39,618crore investment in Shriram Finance, Mizuho Financial Group's acquisition of Avendus Capital, Coforge's outbound share-swap acquisition of Encora and Bharti Enterprises, Warburg Pincus' acquisition of 49% stake in Haier.

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"Several large deals were consummated or announced in the last few months," he said. "One would expect some large deals also in 2026, fuelled by the need for consolidation, capabilities and scale."

Citi's rise to the top of the league table reflects its concentration on large, complex mandates, particularly in cross-border and financial-services transactions, bankers said. The top ten advisers accounted for $74.5 billion, or 44%, of India's total announced M&A value in 2025, highlighting a widening gap between global banks handling big-ticket deals and a long tail of advisers focused on smaller transactions.