Introduction
September 2026 M&A Deals in India reflected a broad and diversified acquisition landscape, with companies pursuing strategic transactions across education, infrastructure, healthcare, consumer brands, pharmaceuticals, fintech, logistics, financial services, and technology.
The month recorded 20 acquisition deals, covering both large-ticket transactions and smaller strategic acquisitions. These transactions demonstrate how companies are using mergers and acquisitions to expand their market presence, strengthen capabilities, enter new business segments, consolidate operations, and accelerate growth.
Several transactions disclosed both the stake acquired and the deal value, while others kept one or both details undisclosed. This is particularly relevant in private-company transactions and strategic acquisitions where financial terms may not always be publicly available.
The largest disclosed transactions during the month included upGrad’s ₹1,901.80 crore acquisition of Unacademy, Nexus Select Trust’s ₹1,600 crore acquisition of Galaxy Infra Creations, Alpha Alternatives’ ₹1,486.14 crore acquisition of Mekhali Power Transmission, ITC’s ₹645 crore acquisition of Sproutlife Foods (Yoga Bar), and Hiveloop Technology’s ₹500 crore acquisition of Lynks Logistics.
Together, these transactions highlight the breadth of India’s M&A market, where strategic acquisitions continued to play an important role across both traditional and emerging sectors.
Key M&A Themes in September 2026
1. Large-ticket acquisitions dominated the month
September witnessed several sizeable transactions across education, infrastructure, power transmission, consumer products, and logistics.
The ₹1,901.80 crore upGrad-Unacademy transaction was the largest disclosed deal in the dataset, followed by Nexus Select Trust’s ₹1,600 crore acquisition of Galaxy Infra Creations and Alpha Alternatives’ ₹1,486.14 crore acquisition of Mekhali Power Transmission.
These transactions demonstrate continued investor and corporate interest in businesses with established platforms, infrastructure assets, and scalable growth opportunities.
2. Education emerged as a major M&A segment
Education was one of the most prominent themes in September.
The acquisition of Unacademy by upGrad for ₹1,901.80 crore represents the month’s largest disclosed transaction. The deal highlights continued consolidation and strategic repositioning within India’s education and edtech ecosystem.
3. Infrastructure and power assets attracted significant capital
Infrastructure remained another important area of M&A activity.
Nexus Select Trust acquired Galaxy Infra Creations for ₹1,600 crore, while Alpha Alternatives acquired Mekhali Power Transmission for ₹1,486.14 crore. These transactions accounted for a substantial portion of the month’s disclosed M&A value.
4. Consumer brands continued to attract strategic buyers
Consumer-facing businesses remained active during September.
ITC acquired 52.50% of Sproutlife Foods, the company behind Yoga Bar, for ₹645 crore, while Fredun Pharmaceuticals announced the acquisition of the business associated with Wellbeing Nutrition, with the transaction value and stake undisclosed.
These transactions demonstrate continued interest in consumer brands, wellness, nutrition, and fast-growing lifestyle categories.
5. Healthcare and pharmaceuticals remained active
Healthcare and pharmaceuticals also featured prominently in September.
Dr. Lal PathLabs acquired 70% of SN Genelab for ₹168 crore, while Trovera Healthcare acquired 100% of Nueclear Healthcare for ₹141.40 crore. RPG Active Pharma also acquired the API and intermediates business of Raghava Life Sciences for ₹135 crore.
6. Logistics and fintech continued to see strategic consolidation
The month also featured acquisitions in logistics and financial technology.
Hiveloop Technology acquired Lynks logistics for ₹500 crore, while Novus Loyalty acquired 54.87% of AutoPe, with the deal value undisclosed. The transactions highlight continued interest in technology-enabled logistics and digital financial services.
September 2026 M&A Deals: Full List
| Deal Date | Acquirer | Acquiree | Stake | Deal Size (₹ Cr) |
|---|---|---|---|---|
| 29 Sep 2026 | ITC Limited | Sproutlife Foods Pvt Ltd (Yoga Bar) | 52.50% | ₹645.00 |
| 29 Sep 2026 | Highway Roop Precision Technologies | Chamundi Die Cast | Undisclosed | Undisclosed |
| 27 Sep 2026 | Novus Loyalty | AutoPe | 54.87% | Undisclosed |
| 25 Sep 2026 | Dr. Lal PathLabs | SN Genelab | 70.00% | ₹168.00 |
| 24 Sep 2026 | Anarock Property Consultants | DSP Design Associates | 51.00% | ₹250.00 |
| 24 Sep 2026 | Jagson Pal Pharmaceuticals | Group Pharmaceuticals Limited | Wellness Portfolio of Group Pharmaceuticals* | ₹23.70 |
| 23 Sep 2026 | Ashoka Buildcon | Sakoli Power Transmission | 100.00% | ₹3.06 |
| 23 Sep 2026 | Shanghvi Finance | Tejaskiran Hospitality | 100.00% | ₹475.01 |
| 22 Sep 2026 | Trovera Healthcare | Nueclear Healthcare | 100.00% | ₹141.40 |
| 21 Sep 2026 | PCR Investments | Indian Hospitals Corporation | 66.23% | ₹35.00 |
| 17 Sep 2026 | Flive Consulting (Unstop) | Loop Reality (PerspectAI) | 100.00% | Undisclosed |
| 17 Sep 2026 | Share India Securities | Enshrine Leasing and Infotech | 100.00% | ₹39.71 |
| 12 Sep 2026 | Tikona Communication | Tikona Infinet | 62.01% | ₹99.22 |
| 10 Sep 2026 | Nexus Select Trust | Galaxy Infra Creations | 100.00% | ₹1,600.00 |
| 10 Sep 2026 | Alpha Alternatives | Mekhali Power Transmission | 51.00% | ₹1,486.14 |
| 10 Sep 2026 | Fredun Pharmaceuticals | Nutritionalab (Wellbeing Nutrition) | Undisclosed | Undisclosed |
| 07 Sep 2026 | Hiveloop Technology (udaan) | Lynks Logistics | Undisclosed | ₹500.00 |
| 02 Sep 2026 | RPG Active Pharma | Raghava Life Sciences | Active Pharmaceutical Ingredients (API) and Intermediates business* | ₹135.00 |
| 01 Sep 2026 | Finnew Solutions (Niyo) | Capital India Finance | Forex and cross-border business* | Undisclosed |
| 01 Sep 2026 | upGrad Education | Sorting Hat Technologies (Unacademy) | 100.00% | ₹1,901.80 |
The September dataset records 20 transactions. Based on the disclosed values, the transactions represent ₹7,503.04 crore in identifiable deal value. However, this should not be interpreted as the total M&A value for the month because several transactions had undisclosed consideration. * Denotes Business Acquisition .
Company-Wise Deal Analysis
1. ITC Acquires Sproutlife Foods
ITC acquired a 52.50% stake in Sproutlife Foods Private Limited, the company behind Yoga Bar, for ₹645 crore.
The transaction strengthens ITC’s presence in the health and wellness-focused consumer segment. Yoga Bar provides ITC with an established platform in nutrition-oriented consumer products.
Strategic Significance
- Expands ITC’s consumer-products portfolio.
- Strengthens its presence in health and wellness.
- Adds an established consumer brand to its portfolio.
- Supports expansion into growing nutrition categories.
2. Highway Roop Acquires Chamundi Die Cast
Highway Roop Precision Technologies acquired Chamundi Die Cast, while the stake and transaction value remained undisclosed.
The acquisition adds another strategic transaction to India’s engineering and manufacturing landscape and potentially strengthens the acquirer’s capabilities in the precision manufacturing ecosystem.
Strategic Significance
- Expands manufacturing capabilities.
- Strengthens engineering operations.
- Supports business diversification.
3. Novus Loyalty Acquires AutoPe
Novus Loyalty acquired a 54.87% stake in AutoPe, with the deal value undisclosed.
The transaction strengthens Novus Loyalty’s exposure to digital payments and financial technology, while adding capabilities in the technology-driven payments ecosystem.
Strategic Significance
- Expands fintech capabilities.
- Strengthens digital-payment offerings.
- Supports customer-engagement and loyalty solutions.
4. Dr. Lal PathLabs Acquires SN Genelab
Dr. Lal PathLabs acquired 70% of SN Genelab for ₹168 crore.
The transaction strengthens Dr. Lal PathLabs’ diagnostics network and expands its presence in the healthcare testing ecosystem.
Strategic Significance
- Expands diagnostic capabilities.
- Strengthens healthcare presence.
- Supports network expansion.
- Adds to the ongoing consolidation in diagnostics.
5. Anarock Acquires DSP Design Associates
Anarock Property Consultants acquired 51% of DSP Design Associates for ₹250 crore.
The acquisition strengthens Anarock’s position within the real-estate services ecosystem and adds complementary capabilities to its existing platform.
Strategic Significance
- Expands real-estate service capabilities.
- Strengthens market presence.
- Supports portfolio diversification.
6. Jagson Pal Pharmaceuticals Acquires Group Pharmaceuticals’ Wellness Portfolio
Jagson Pal Pharmaceuticals acquired the wellness portfolio of Group Pharmaceuticals for ₹23.70 crore.
Rather than a full-company acquisition, the transaction involves a specific business portfolio, allowing Jagson Pal Pharmaceuticals to expand its presence in wellness-related products.
Strategic Significance
- Expands the wellness portfolio.
- Adds new products and business capabilities.
- Supports pharmaceutical portfolio expansion.
7. Ashoka Buildcon Acquires Sakoli Power Transmission
Ashoka Buildcon acquired 100% of Sakoli Power Transmission Limited for ₹3.06 crore.
The transaction adds to Ashoka Buildcon’s infrastructure portfolio and strengthens its exposure to the power-transmission segment.
Strategic Significance
- Expands infrastructure assets.
- Strengthens power-transmission exposure.
- Supports long-term infrastructure growth.
8. Shanghvi Finance Acquires Tejaskiran Hospitality
Shanghvi Finance acquired 100% of Tejaskiran Hospitality for ₹475.01 crore.
The sizeable transaction highlights continued capital deployment into hospitality and related real-estate assets.
Strategic Significance
- Expands hospitality exposure.
- Strengthens the company’s asset portfolio.
- Provides complete ownership and operational control.
9. Trovera Healthcare Acquires Nueclear Healthcare
Trovera Healthcare acquired 100% of Nueclear Healthcare for ₹141.40 crore.
The transaction adds another healthcare-focused acquisition to September’s M&A landscape and supports expansion within the medical and healthcare ecosystem.
Strategic Significance
- Expands healthcare capabilities.
- Strengthens medical-services presence.
- Supports sector consolidation.
10. PCR Investments Acquires Indian Hospitals Corporation
PCR Investments acquired a 66.23% stake in Indian Hospitals Corporation for ₹35 crore.
The acquisition adds to the month’s healthcare and hospital-sector transactions.
Strategic Significance
- Expands healthcare exposure.
- Strengthens hospital-sector presence.
- Supports strategic portfolio expansion.
11. Unstop Acquires PerspectAI
Flive Consulting, operating under the Unstop brand, acquired 100% of Loop Reality, associated with PerspectAI, with the transaction value undisclosed.
The acquisition strengthens Unstop’s technology and digital capabilities and adds another technology-oriented business to its platform.
Strategic Significance
- Expands technology capabilities.
- Adds specialised digital expertise.
- Supports platform expansion.
12. Share India Securities Acquires Enshrine Leasing and Infotech
Share India Securities acquired 100% of Enshrine Leasing and Infotech for ₹39.71 crore.
The transaction strengthens Share India’s financial-services ecosystem and expands its ownership of complementary businesses.
Strategic Significance
- Expands financial-services capabilities.
- Provides complete ownership.
- Supports business consolidation.
13. Tikona Communication Acquires Tikona Infinet
Tikona Communication acquired 62.01% of Tikona Infinet for ₹99.22 crore.
The transaction represents a majority-stake acquisition and strengthens control over the target business.
Strategic Significance
- Provides majority ownership.
- Strengthens operational control.
- Supports business consolidation.
14. Nexus Select Trust Acquires Galaxy Infra Creations
Nexus Select Trust acquired 100% of Galaxy Infra Creations for ₹1,600 crore.
The transaction was one of September’s largest disclosed acquisitions and highlights significant capital deployment into infrastructure and related assets.
Strategic Significance
- Expands infrastructure assets.
- Strengthens the asset portfolio.
- Supports long-term portfolio growth.
- Provides complete ownership.
15. Alpha Alternatives Acquires Mekhali Power Transmission
Alpha Alternatives acquired a 51% stake in Mekhali Power Transmission for ₹1,486.14 crore.
The transaction was one of the largest deals of the month and highlights continued investor interest in power-transmission infrastructure.
Strategic Significance
- Expands exposure to power infrastructure.
- Adds a significant infrastructure asset.
- Supports long-term investment strategy.
16. Fredun Pharmaceuticals Acquires Wellbeing Nutrition Business
Fredun Pharmaceuticals acquired the business associated with Nutritionalab Private Limited, operating under the Wellbeing Nutrition brand. The stake and transaction value were undisclosed.
The transaction adds a wellness and nutrition-focused business to Fredun Pharmaceuticals’ portfolio.
Strategic Significance
- Expands wellness exposure.
- Strengthens consumer-health capabilities.
- Supports portfolio diversification.
17. Hiveloop Technology Acquires Lynks Logistics
Hiveloop Technology, associated with udaan.com, acquired Lynks Logistics for ₹500 crore, while the stake remained undisclosed.
The transaction was one of September’s largest disclosed deals and highlights the continued strategic importance of logistics and supply-chain businesses.
Strategic Significance
- Expands logistics capabilities.
- Strengthens supply-chain operations.
- Adds a significant logistics platform.
- Supports technology-enabled commerce and distribution.
18. RPG Active Pharma Acquires Raghava Life Sciences’ API and Intermediates Business
RPG Active Pharma acquired the API and intermediates business of Raghava Life Sciences for ₹135 crore.
The transaction focuses on a specific business segment rather than the acquisition of the entire company, allowing RPG Active Pharma to strengthen its pharmaceutical manufacturing capabilities.
Strategic Significance
- Expands API capabilities.
- Strengthens pharmaceutical manufacturing.
- Adds complementary business operations.
19. Niyo Acquires Capital India Finance’s Forex and Cross-Border Business
Finnew Solutions, operating under the Niyo brand, acquired the forex and cross-border business of Capital India Finance. The transaction value remained undisclosed.
The acquisition expands Niyo’s capabilities in international financial services and cross-border transactions.
Strategic Significance
- Expands forex capabilities.
- Strengthens cross-border financial services.
- Supports diversification within fintech.
20. upGrad Acquires Unacademy
upGrad Education acquired 100% of Sorting Hat Technologies, the company behind Unacademy, for ₹1,901.80 crore.
The transaction was the largest disclosed acquisition in September 2026. It represents a significant consolidation within India’s education and edtech ecosystem and gives upGrad complete ownership of the acquired business.
Strategic Significance
- Strengthens upGrad’s education portfolio.
- Expands its edtech platform.
- Provides complete ownership of Unacademy.
- Supports scale and consolidation in the education sector.
Sector-Wise M&A Trends in September 2026
Education and EdTech
Education emerged as one of the most significant M&A themes during September.
The ₹1,901.80 crore upGrad–Unacademy acquisition was the month’s largest disclosed transaction. The deal highlights continued consolidation within India’s education technology ecosystem and the increasing importance of scale in the sector.
Infrastructure and Power
Infrastructure and power-related transactions accounted for some of the month’s largest disclosed deal values.
Nexus Select Trust’s ₹1,600 crore acquisition of Galaxy Infra Creations and Alpha Alternatives’ ₹1,486.14 crore acquisition of Mekhali Power Transmission demonstrate strong capital allocation toward infrastructure assets. Ashoka Buildcon’s acquisition of Sakoli Power Transmission further adds to the sector’s activity.
Healthcare and Pharmaceuticals
Healthcare remained an active acquisition category.
Transactions involving SN Genelab, Nueclear Healthcare, Indian Hospitals Corporation, Raghava Life Sciences’ API and intermediates business, and the Wellbeing Nutrition business demonstrate activity across diagnostics, healthcare services, pharmaceuticals, and wellness.
Consumer, Wellness and Nutrition
Consumer businesses also attracted strategic interest.
ITC’s acquisition of 52.50% of Yoga Bar for ₹645 crore was the most notable transaction in this segment, while the Wellbeing Nutrition transaction added another wellness-focused deal to the month’s M&A activity.
Logistics and Technology
Logistics and technology continued to attract acquisition interest.
The ₹500 crore acquisition of Lynks Logistics by Hiveloop Technology was one of the largest disclosed transactions, while acquisitions involving AutoPe, Loop Reality, Chamundi Die Cast, and the forex and cross-border business of Capital India Finance added further technology-enabled and specialised transactions to the month’s activity.
Financial Services and Fintech
Financial services also featured through transactions involving AutoPe, Enshrine Leasing and Infotech, and Capital India Finance’s forex and cross-border business.
These transactions indicate continued strategic activity around payments, financial technology, lending-related businesses, and cross-border financial services.
What the September 2026 M&A Deals Tell Us
1. M&A remained an important growth strategy
Companies across multiple sectors continued to use acquisitions to accelerate expansion, enter adjacent markets, strengthen capabilities, and consolidate operations.
Rather than relying solely on organic growth, strategic acquisitions are increasingly being used to gain access to established businesses, platforms, technology, infrastructure, and customer networks.
2. Large deals were concentrated across multiple sectors
The largest disclosed transactions were spread across education, infrastructure, power transmission, consumer products, and logistics.
This indicates that M&A activity was not restricted to one particular sector and that capital continued to flow toward businesses with strategic assets and scalable opportunities.
3. Complete acquisitions remained common
Several September transactions involved 100% ownership, including the acquisitions of Chamundi Die Cast, Sakoli Power Transmission, Tejaskiran Hospitality, Nueclear Healthcare, Loop Reality, Enshrine Leasing and Infotech, Galaxy Infra Creations, and Unacademy.
Complete acquisitions can provide buyers with greater operational control and flexibility in integrating the acquired business.
4. Business and asset acquisitions remained important
Not every transaction involved the acquisition of an entire company.
Jagson Pal Pharmaceuticals acquired the wellness portfolio of Group Pharmaceuticals, RPG Active Pharma acquired the API and intermediates business of Raghava Life Sciences, and Niyo acquired the forex and cross-border business of Capital India Finance.
This highlights how companies are increasingly using targeted acquisitions to obtain specific business capabilities rather than acquiring entire corporate entities.
5. Strategic consolidation extended across emerging sectors
From edtech and fintech to health and wellness, logistics and digital platforms, September’s transactions demonstrate that M&A is increasingly being used to build specialised capabilities.
Companies are using acquisitions not only for scale but also to gain technology, brands, infrastructure, distribution networks, and specialised business operations.
6. Disclosed deal values represent only part of the market
The September dataset includes multiple transactions where the deal value or stake was undisclosed. Therefore, the ₹7,503.04 crore disclosed deal value should not be interpreted as the total value of India’s M&A activity during September 2026.
It represents only the transactions for which consideration was available in the source data.
Conclusion
September 2026 was an active and diversified month for India’s M&A landscape, with 20 acquisition transactions spanning education, infrastructure, power transmission, healthcare, pharmaceuticals, consumer brands, logistics, fintech, financial services, technology, and real estate.
The month was led by upGrad’s ₹1,901.80 crore acquisition of Unacademy, followed by Nexus Select Trust’s ₹1,600 crore acquisition of Galaxy Infra Creations and Alpha Alternatives’ ₹1,486.14 crore acquisition of Mekhali Power Transmission. ITC’s ₹645 crore acquisition of Yoga Bar and Hiveloop Technology’s ₹500 crore acquisition of Lynks Logistics were among the other significant transactions.
At the same time, smaller acquisitions and targeted business transactions demonstrated that companies are using M&A for more than just scale. Access to specialised capabilities, technology, brands, infrastructure, customer networks, and business segments is becoming an increasingly important driver of acquisition activity.
Overall, the September 2026 M&A deals in India reflect a broad and evolving private-market environment. As companies continue to pursue faster growth, stronger market positions, and strategic capabilities, M&A is likely to remain an important tool for expansion, consolidation, and long-term value creation.
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