Merger and Acquisition Companies in India: Leading M&A Firms and Advisory Services

Merger and acquisition companies in India help business owners, corporate groups, investors and entrepreneurs identify, evaluate, negotiate and execute mergers, acquisitions, business sales and strategic investment transactions.

India has a well-established market for mergers and acquisitions (M&A), with investment banks, corporate finance firms, transaction advisers and specialist consulting companies providing different types of advisory services.

Whether you are considering acquiring another business, selling your company, bringing in a strategic investor or undertaking a corporate restructuring, selecting the right M&A advisory firm is an important decision.

Quick Answer: Prominent merger and acquisition advisory firms operating in India include Avendus Capital, JM Financial, Axis Capital, ICICI Securities, O3 Capital, Deloitte, EY, KPMG, PwC, BDO and Grant Thornton Bharat. These firms differ in their transaction focus, sector experience, client profiles and professional services. The best choice depends on your specific transaction.

This guide explains the role of M&A firms, identifies established advisory companies in India, compares their services and explains how buyers, sellers, SMEs and foreign investors can select suitable advisers.

EzyBiz India Consulting LLP provides corporate finance and M&A transaction support for Indian and international businesses. For assistance with a transaction, contact +91 98992 17778 or anil@ezybizindia.in.

For comprehensive transaction assistance, visit our Mergers and Acquisitions Advisory Services in India page.

What Are Merger and Acquisition Companies?

M&A companies are professional advisory organisations involved in supporting acquisitions, mergers, strategic investments, divestments and related corporate transactions.

Meaning of an M&A Advisory Company

An M&A advisory company helps businesses evaluate opportunities to acquire, merge with, invest in or sell another business. Its role may include financial analysis, target identification, buyer identification, valuation coordination, negotiations and managing the transaction process.

Difference Between M&A Firms and Investment Banks

Investment banks may offer M&A advisory alongside capital markets, fundraising and other financial services. Specialist M&A firms often focus on business acquisitions, divestments, corporate finance and transaction execution. The capabilities and regulatory authorisations of individual firms vary.

Who Uses M&A Advisory Firms in India?

Clients include Indian business promoters, family-owned companies, SMEs, publicly listed enterprises, private equity investors, venture capital investors, multinational corporations and foreign businesses exploring acquisitions in India.

Importance of M&A Companies in India

Merger and acquisition firms can help businesses manage transactions that involve financial, strategic, commercial, tax and regulatory considerations.

Business Growth Through Acquisitions

Businesses may acquire competitors, suppliers, distributors or complementary companies to expand into new products, markets or geographical locations. A competent adviser helps assess whether the proposed acquisition supports the buyer’s strategic objectives.

Business Sales and Promoter Exits

Promoters may seek partial or complete exits, succession arrangements or strategic partners. M&A advisers may assist with business-sale preparation, identifying suitable purchasers, confidential discussions and negotiations.

Managing Transaction Risk

Acquisitions can involve undisclosed liabilities, weak financial controls, regulatory non-compliance, commercial concentration and contractual risks. Proper due diligence and transaction structuring help buyers assess and address these exposures.

Top Merger and Acquisition Companies in India

The following organisations are examples of established M&A advisory and investment banking firms operating in India. This is an illustrative selection rather than an independently audited ranking, and the sequence does not represent performance or deal-volume rankings.

Avendus Capital, JM Financial and Axis Capital

Avendus Capital provides investment banking and financial advisory capabilities, including services involving mergers, acquisitions, private capital transactions and related advisory work. See Avendus Capital.

JM Financial offers investment banking services involving mergers, acquisitions, divestments, restructuring and other corporate finance transactions. See JM Financial Investment Banking.

Axis Capital provides buy-side, sell-side and restructuring advisory services. Its published capabilities include strategic acquisitions, business disposals, mergers, demergers and corporate reorganisations. See Axis Capital M&A Advisory.

ICICI Securities and O3 Capital

ICICI Securities is an established financial services organisation with institutional and corporate financial advisory capabilities. Clients should review its current investment banking offerings and mandate scope before engaging the firm. See ICICI Securities.

O3 Capital is recognised as a corporate finance and investment banking advisory firm associated with M&A and capital transactions. Prospective clients should assess the relevant team’s current sector and transaction experience for their proposed mandate.

Deloitte, EY, KPMG, PwC, BDO and Grant Thornton

Deloitte India provides M&A consulting and transaction-related services covering strategy, execution and integration.

EY India offers M&A advisory services, including acquisition strategy, sourcing, diligence, valuation and integration support.

KPMG India provides integrated deal advisory services covering transaction strategy, financial diligence, valuations, tax structuring and other transaction requirements.

PwC India, BDO India and Grant Thornton Bharat also operate in the wider market for deal advisory, transaction services, financial due diligence and related corporate finance support.

Official websites include Deloitte, EY, KPMG, PwC, BDO and Grant Thornton Bharat.

Comparison of Merger and Acquisition Advisory Firms in India

Different types of advisory firms serve different transaction requirements. Comparing their areas of expertise is more useful than selecting a company only because it appears in a general ranking.

Investment Banks and Institutional M&A Advisers

Investment banks are often associated with substantial acquisitions, strategic divestments, institutional investors and complex transactions. Some also provide fundraising and securities-market services, subject to applicable authorisations.

Big Four and Integrated Transaction Advisory Firms

Large multidisciplinary firms can coordinate financial, tax, valuation, commercial, technology, operational and regulatory workstreams. Their service scope and engagement structure vary according to the transaction.

Mid-Market and Boutique M&A Advisory Firms

Boutique advisers and independent corporate finance firms may be relevant for promoter-managed businesses, SMEs and mid-market acquisitions. Their suitability depends on sector knowledge, access to counterparties, senior management involvement and execution capabilities.

Advisor Category	Common Focus	Typical Client Requirement
Investment banks	Acquisitions, disposals, financial advisory	Institutional or complex transactions
Integrated advisory firms	Due diligence, tax, valuation, deal support	Multidisciplinary transaction work
Boutique M&A firms	Buyer/seller identification, execution	Focused sector or mid-market mandates
CA-led transaction advisers	Financial analysis, tax, regulatory and deal coordination	Promoter, SME or specialised transactions

The classification is illustrative. Individual firms may provide services across more than one category.

How to Choose the Best M&A Advisory Firm in India

The best advisory company for one transaction may not be suitable for another. Before appointing an adviser, business owners should evaluate the firm’s experience, proposed team, independence, scope and fee arrangement.

Relevant Industry and Transaction Experience

Ask whether the proposed adviser has worked on transactions involving businesses of similar size, sector and ownership structure. Consider the firm’s knowledge of your industry, target geography and likely buyer or investor profile.

Buy-Side, Sell-Side and Cross-Border Capabilities

A firm experienced in selling family-owned companies may have different capabilities from one specialising in acquiring large listed businesses. Confirm whether the firm has the expertise needed for your particular transaction.

Professional Fees, Confidentiality and Execution Team

Review the engagement letter carefully, including retainer fees, success fees, payment milestones, exclusivity, termination, confidentiality, conflicts of interest and responsibilities of the professionals who will actually handle the mandate.

For an overview of EzyBiz’s own transaction advisory scope, visit our M&A Advisory Services page.

Services Offered by M&A Companies in India

M&A advisory firms can assist clients at different stages of a transaction. The scope should be agreed upon before the assignment begins.

Target Identification and Buyer Search

For buyers, the adviser may research potential acquisition targets and screen their commercial and financial suitability. For sellers, the adviser may identify strategic acquirers, investment groups and other prospective buyers.

Business Valuation and Financial Modelling

Advisers may prepare financial models, assess historical performance, estimate indicative valuation ranges and coordinate formal valuations with qualified professionals where required.

Transaction Negotiation and Closing Support

Advisory support may include indicative offers, term sheets, negotiation of economic terms, due diligence coordination, conditions precedent, documentation coordination and post-closing follow-up.

Buy-Side M&A Advisory Services

Buy-side advisory is intended for businesses and investors planning to acquire equity, assets or business undertakings.

Acquisition Strategy and Target Screening

Buyers should define their investment objective, proposed transaction size, strategic priorities, financial criteria and acceptable risk profile before approaching potential targets.

Acquisition Financial Analysis

The evaluation may cover turnover, maintainable EBITDA, cash flows, debt, working capital, capital expenditure, customer concentration and the expected financial contribution of the target.

Acquisition Due Diligence and Price Negotiation

Financial, tax, legal and commercial diligence may affect the purchase price, deal conditions, indemnities and closing arrangements. Read our Due Diligence Advisory page for additional information.

Sell-Side M&A Advisory Services

Sell-side advisory helps promoters and shareholders prepare and execute a business sale, divestment or strategic investment transaction.

Preparing Financial Information for Business Sale

The business owner may need audited financial statements, management accounts, customer information, financial projections and explanations of exceptional or non-recurring transactions.

Approaching Suitable Buyers and Investors

The advisory team may prepare a business teaser, information memorandum and controlled information-sharing process. Confidentiality arrangements are important before sensitive information is disclosed.

Negotiating Consideration and Exit Terms

Business owners should review the amount, payment timing, escrow, holdback, earn-out arrangements, representations, warranties and post-sale responsibilities before agreeing to an exit.

For further guidance, see our Business Buy Sell Advisory Services and Business for Sale in India.

Types of M&A Transactions in India

Indian companies may undertake mergers and acquisitions through different structures, depending on their commercial objectives and regulatory requirements.

Share Acquisition and Business Takeover

A buyer may acquire all or part of the shares of a target company. In most share acquisitions, the company continues to own its assets and remains subject to its existing liabilities, although change-of-control conditions must be assessed.

Asset Acquisition and Slump Sale

An asset purchase involves acquiring identified business assets. A qualifying slump sale involves transfer of an undertaking for lump-sum consideration without assigning separate values to individual assets and liabilities for the purpose of the transaction, subject to the applicable statutory definition and requirements.

Merger, Demerger and Joint Venture

Mergers combine businesses, demergers separate business undertakings and joint ventures create collaborative ownership or operating arrangements. Each structure has different company law, tax, financial and regulatory implications.

For eligible restructuring transactions, see our Fast Track Merger in India guide. Businesses evaluating their strategic objectives can also review the Advantages of Mergers and Acquisitions.

Business Valuation by M&A Advisory Companies

Valuation plays an important role in negotiating the financial terms of a merger or acquisition. A valuation is an analytical estimate, while the final consideration is determined through negotiation and contractual arrangements.

EBITDA Multiple Valuation

An EBITDA-multiple approach values an enterprise using maintainable EBITDA and an appropriate benchmark multiple. The selected multiple depends on industry characteristics, growth, financial performance, competitive position and transaction risks.

Discounted Cash Flow Valuation

The Discounted Cash Flow method estimates value based on projected future cash flows discounted using a suitable rate. The results are sensitive to growth, profitability, funding, capital expenditure and terminal-value assumptions.

Enterprise Value and Equity Value

Enterprise value is not necessarily the amount payable to shareholders. Debt, debt-like obligations, surplus cash and agreed working-capital adjustments may influence the final equity consideration.

Illustrative example:

Particulars	Amount
Normalised EBITDA	₹3 crore
Illustrative valuation multiple	5 times
Indicative enterprise value	₹15 crore
Less: Borrowings and debt-like items	₹3 crore
Add: Surplus cash	₹1 crore
Indicative equity value	₹13 crore

This simplified example does not constitute a professional valuation. Actual transaction consideration may be adjusted for working capital, contingent liabilities, control rights, minority interests and other negotiated provisions.

Due Diligence Services in Mergers and Acquisitions

Due diligence helps buyers and investors assess financial information, operational conditions, regulatory exposures and other matters affecting a transaction.

Financial Due Diligence

Financial diligence can include revenue verification, EBITDA normalisation, cash-flow analysis, working-capital examination, outstanding liabilities, receivables and contingent obligations.

Tax and Regulatory Due Diligence

Tax reviews may cover income tax, GST, TDS, transfer pricing, pending assessments, litigation and tax contingencies. Regulatory assessments may consider ROC filings, FEMA compliance, statutory licences and other applicable obligations.

Legal, Commercial and Operational Due Diligence

Legal advisers may examine contracts, ownership, intellectual property, litigation and employment arrangements. Commercial or operational specialists may assess customer dependence, supply chains, market position, systems and business continuity risks.

Our dedicated Financial and Tax Due Diligence Advisory Services page explains these reviews in more detail.

Legal and Regulatory Requirements for M&A in India

Merger and acquisition transactions are subject to different laws depending on the transaction structure, industry, ownership and parties involved.

Companies Act and Merger Approvals

Schemes of merger and amalgamation may be governed by Sections 230–232 of the Companies Act, 2013, while eligible fast-track mergers may qualify for the framework under Section 233. Approval requirements depend on the specific transaction. Refer to the Ministry of Corporate Affairs.

Competition Commission and SEBI Regulations

Certain qualifying combinations may require approval from the Competition Commission of India, subject to the applicable thresholds and exemptions. Listed-company transactions may additionally require compliance with relevant SEBI regulations. Visit the Competition Commission of India and SEBI.

Income Tax, GST and Stamp Duty

Transaction structuring may affect capital gains, business-transfer taxation, withholding tax, stamp duty, GST and the tax treatment of restructuring. Tax consequences should be analysed before finalising the legal and financial structure.

For related tax matters, explore our Income Tax Assessment and Litigation and GST and Indirect Tax Advisory pages.

Cross-Border Merger and Acquisition Companies in India

Cross-border acquisitions involve additional legal, regulatory, foreign exchange and international tax considerations.

Foreign Investors Acquiring Indian Companies

Overseas investors may acquire Indian businesses subject to sector-specific foreign direct investment conditions, applicable entry routes, pricing rules, reporting requirements and other restrictions.

Indian Companies Acquiring Overseas Businesses

Indian companies considering foreign acquisitions must evaluate the applicable overseas investment regulations, funding rules, reporting obligations, host-country requirements and international tax consequences.

FEMA, RBI and International Tax Coordination

Cross-border deals may involve FEMA valuation and reporting, withholding taxes, tax treaties, beneficial ownership issues, transfer pricing and transaction financing. Refer to the Reserve Bank of India for applicable foreign exchange regulations.

Foreign businesses evaluating an Indian acquisition versus establishing a subsidiary may also explore our India Market Entry Consulting Services.

M&A Advisory for SMEs and Family-Owned Businesses

Small and medium-sized businesses may use M&A advisers to support growth, partial exits, strategic investments and succession planning.

SME Acquisitions and Industry Consolidation

SMEs may benefit from acquiring complementary businesses, customer portfolios, production capacity or distribution networks. The buyer should assess financial reporting quality, management dependence and integration requirements.

Family Business Succession and Promoter Exit

Family-owned businesses may seek external buyers or investors where promoters wish to retire, realise capital, manage succession or transfer ownership to strategic partners.

Strategic Investors and Private Equity

Investment transactions may involve minority shareholding, controlling acquisitions, governance rights, funding commitments and future exit arrangements. Proper documentation of shareholder rights and financial obligations is essential.

EzyBiz supports relevant corporate finance requirements through its Corporate Finance Advisory Services.

M&A Transaction Process and Advisory Fees

The M&A process can involve multiple stages and professionals. Its duration and cost depend on the specific circumstances of the proposed transaction.

Planning, Initial Approach and Term Sheet

The process begins with defining objectives, identifying the counterparty, preliminary financial analysis and discussing indicative commercial terms. A term sheet or letter of intent may then set out the principal proposed transaction conditions.

Due Diligence, Documentation and Closing

The parties proceed through due diligence, pricing adjustments, detailed negotiation, preparation of definitive agreements, regulatory approvals where required and closing formalities.

Retainer Fees, Success Fees and Milestone Payments

M&A advisory fees may consist of retainers, fixed professional charges, milestone payments, transaction-linked fees or combinations of these. Independent valuation, legal services, statutory charges and other specialist costs may be charged separately depending on the engagement.

Before appointing an adviser, ask for a written scope of work specifying deliverables, fees, success-fee triggers, exclusivity, termination conditions and responsibilities of all parties.

Frequently Asked Questions About M&A Companies in India

Which Are the Leading Merger and Acquisition Companies in India?

Established M&A advisory and investment banking firms operating in India include Avendus Capital, JM Financial, Axis Capital, ICICI Securities, O3 Capital, Deloitte, EY, KPMG and other transaction advisory organisations. The appropriate choice depends on deal size, industry, complexity and advisory requirements.

How Do I Choose an M&A Advisory Firm for My Business?

Evaluate the proposed adviser’s sector experience, transaction expertise, actual execution team, buyer or investor relationships, fee structure, regulatory capabilities and ability to coordinate due diligence and closing. Ask for relevant experience rather than relying solely on rankings.

Can M&A Companies Help Sell a Private Limited Company?

Yes. Advisers can assist with valuation analysis, business-sale preparation, identifying buyers, commercial negotiations, diligence coordination and transaction closing, within their agreed engagement scope.

Other Common Questions

Can a foreign company buy an Indian company? Yes, where permitted under applicable Indian law and foreign investment regulations, subject to sectoral conditions, pricing, approvals and reporting requirements.

Is valuation mandatory for every M&A transaction? Not every transaction is subject to identical valuation requirements. The need for a particular valuation report depends on the transaction structure and applicable company law, tax and FEMA provisions.

How long does a merger or acquisition take? The timeline depends on negotiations, due diligence, financing, regulatory approvals, transaction structure and closing requirements. There is no universal completion period.

Are M&A services suitable for SMEs? Yes. SMEs may obtain advisory assistance for business sales, strategic acquisitions, minority investments and corporate restructuring.

What is the difference between an M&A adviser and a Chartered Accountant? M&A advisers focus on transaction-related services, while Chartered Accountants may provide financial, tax, due diligence and other professional assistance within their expertise and applicable professional requirements. Some CA-led firms also provide corporate finance transaction advisory.

Why Choose EzyBiz India for M&A Transaction Support?

EzyBiz India Consulting LLP provides financial, tax, regulatory and transaction advisory services to Indian companies, business owners and international investors.

Financial and Tax Expertise

Our team of experienced Chartered Accountants and associated professionals can assist with financial evaluation, due diligence, tax assessment, regulatory analysis and transaction structuring support.

Transaction Coordination and Commercial Support

We assist clients with evaluating acquisition or sale objectives, analysing commercial proposals, coordinating diligence, supporting negotiations and working with appointed legal and valuation specialists.

Domestic and Cross-Border Business Advisory

Our practice supports both Indian and overseas businesses with regulatory and corporate advisory matters, including transaction-related FEMA, direct tax, GST and corporate compliance requirements.

For detailed information on our services, review our main Mergers and Acquisitions Advisory Services in India page.

Planning to buy, sell or merge a business? Contact EzyBiz India Consulting LLP to discuss your objectives, proposed transaction and professional advisory requirements.

• Phone: +91 98992 17778
• WhatsApp: Discuss Your M&A Requirements
• Email: anil@ezybizindia.in
• Contact: Send an Enquiry

Related Services

• Mergers and Acquisitions Advisory Services
• Business Buy Sell Advisory
• Financial and Tax Due Diligence Advisory
• Fast Track Merger in India
• Advantages of Mergers and Acquisitions
• Business for Sale in India
• Corporate Finance Advisory Services
• India Market Entry Advisory

Reviewed By

CA Anil Agrawal
Founder, EzyBiz India Consulting LLP
Chartered Accountant with over 20 years of experience in taxation, regulatory compliance, corporate finance and business advisory.

Last Updated

October 2026

Disclaimer

This article is provided for general information and does not represent an independently verified ranking or endorsement of any advisory firm. References to third-party companies are descriptive only and do not imply partnerships or affiliations with EzyBiz India Consulting LLP. Firm capabilities, regulatory registrations and service offerings may change. Transaction-specific legal, financial, tax, valuation and investment advice should be obtained from appropriately qualified or registered professionals. EzyBiz India provides corporate finance, tax, regulatory and transaction support services subject to an agreed scope of engagement. Independent valuations, legal documentation and other regulated professional services are undertaken by appropriately qualified professionals where required.