Adani, Ambani are driving force of India's M&A activity, says Barclays

However, deal activity in India is going to slow down as investors have turned more cautious with rising interest rates and a falling rupee, says head of investment banking for India at Barclays

Billionaires Gautam Adani and Mukesh Ambani will continue to drive mergers and acquisitions in India as the country’s richest people are hunting for targets to diversify their businesses, according to Barclays Plc.

“We’ve seen both Adani and the Reliance Group have ventured into several newer areas,” Pramod Kumar, managing director and head of investment banking for India at Barclays, said in a Bloomberg Television interview on Wednesday. “They do have capital backing them, so we will continue to see them spot opportunities in this environment.”
 

India saw about $82 billion pending and completed M&A deals in the second quarter, the busiest