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Indian Outbound M&A Hits $18bn, Sun Pharma Leads

5/25/2026

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Story summary
  • Sun Pharmaceuticals agreed to pay $11.75 bn for Organon & Co., largest Indian outbound deal in two decades.
  • Tata Motors bought Iveco for $4.4 bn and Bajaj took a 23% stake in Allianz SE in 2025.
  • In 2025, 162 Indian firms spent over $18 bn on outbound acquisitions, a 34% increase.
  • Analysts say firms chase foreign assets for brands and supply-chain security as the rupee loses 40% of its value to the dollar.