The strong M&A and PE activity reflects the county’s growing global ambition in commercial mobility, and a clear shift toward scalable, tech-enabled platforms

Business Desk MUMBAI

India's automotive sector recorded 30 transactions  valued at USD 4.6 billion in September quarter, its strongest in over a year, boosted by Tata Motors' USD 3.8 billion acquisition of Iveco S.P.A., Grant Thornton Bharat said on Wednesday. 

Excluding the Tata Motors-Iveco deal, values dipped 36 per cent over the June quarter, signalling that large strategic bets continue to define overall deal momentum, as per Grant Thornton Bharat Q3 2025 Automotive Dealtracker, as reported by PTI .

While deal volumes remained consistent with the previous quarter, values surged sharply, largely driven by Tata Motors' USD 3.8 billion acquisition of Iveco S.P.A., marking one of India's largest outbound automotive transactions to date, it added. “The quarter's strong M&A and PE activity reflects India's growing global ambition in commercial mobility and a clear shift toward scalable, tech-enabled platforms,” Grant Thornton Bharat Partner and Automotive Industry Leader, Saket Mehra said. 

“The rollout of GST 2.0 and targeted tariff interventions have set the stage for renewed demand, even as OEMs and investors pivot toward cleaner, smarter mobility solutions,” he added. The Q3 reflected a strategic pivot toward global expansion, electrification, and supply chain recalibration, as both acquirers and private investors intensified focus on future-ready mobility platforms. While M&A activity was dominated by cross-border consolidation plays, private equity interest remained steady in scalable, tech-enabled segments such as electric mobility, fleet electrification, and Mobility-as-a-Service (MaaS), it added.