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ARTICLE · 26 NOVEMBER 2025

Energy & Infrastructure M&A 2025

AZB & Partners
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The deal space in FY 2024–25 in India has been resilient against the backdrop of global policy uncertainty, the ongoing US tariff impositions, geopolitical unrest and other macroeconomic factors...

IndiaEnergy and Natural Resources
Anuja Tiwari
Anuja Tiwari
Mallika Anand
Mallika Anand
Pranjal Bhattacharya
Pranjal Bhattacharya
Antra Shourya
Antra Shourya
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1. Market Trends

1.1 Energy and Infrastructure M&A Market

The deal space in FY 2024–25 in India has been resilient against the backdrop of global policy uncertainty, the ongoing US tariff impositions, geopolitical unrest and other macroeconomic factors, including valuation concerns due to inflationary trends. However, there has been an overall improvement in deal volume compared to the previous financial year, as India has witnessed a shift towards high-value strategic transactions in certain sectors – in particular, green energy (solar, wind and green hydrogen), oil and gas, and sustainable mobility. India's commitment to green energy transition at the COP26 in Glasgow (with a goal of 50% of its energy demands to be met through renewable sources by 2030), the ever-increasing energy demands, and the infrastructure requirements of a developing economy have led to sector-focused inbound investments of significant deal value.

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