From cricket to data Centres: Where India’s biggest deals happened in Q1

India’s dealmaking landscape in the first quarter of 2026 may have slowed overall, but a closer look at the biggest transactions reveals a clear shift in where capital is flowing: sports assets, infrastructure platforms and digital infrastructure are emerging as the new magnets for large-ticket deals.

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Data from the latest quarterly investment banking review by LSEG Deals Intelligence shows that the top 10 deals in Q1 2026 were sharply concentrated in a few high-growth sectors, even as overall M&A activity declined. 
Sector-wise, High Technology led deal activity, totaling US$2.9 billion, up 40.8% year-on-year, and accounting for 16.6% market share. Industrials followed with US$2.65 billion, up 20.1%, capturing 15.3% share. Energy & Power totaled US$2.0 billion, down 72.1% from last year, representing 11.6% market share.

A sports franchise leads India’s deal table

In a sign of the rising commercial value of sports assets, the largest deal of the quarter was a $1.8 billion transaction involving Royal Challengers Sports Pvt Ltd, placing media and entertainment firmly at the top of India’s deal hierarchy.

Here are the top deals in Q1 2026

• 
  $1.8 billion – Royal Challengers Sports Pvt Ltd (Media & Entertainment – Sports/Recreation) – Pending (Mar 24, 2026)
• 
  $1.6 billion – Safeway Concessions Portfolio (Macquarie Asia Infrastructure Fund) (Industrials – Transportation & Infrastructure) – Acquired by VINCI Highways – Pending (Mar 26, 2026)
• 
  $1.1 billion – Sapphire Foods India Ltd (Retail – Food & Beverage) – Acquired by Devyani International Ltd – Pending (Jan 1, 2026)
• 
  $1.0 billion – Indovida India Pvt Ltd (Materials) – Acquired by EPL Ltd – Pending (Mar 29, 2026)
• 
  $1.0 billion – Nxtra Data Ltd (High Technology – Data Centres) – Investor Group – Pending (Mar 30, 2026)
• 
  $0.8 billion – Kwality Walls (India) Ltd (Consumer Staples – Food & Beverage) – Shareholders – Completed (Feb 16, 2026)
• 
  $0.7 billion – Nabha Power Ltd (Energy & Power) – Acquired by Torrent Power Ltd – Pending (Feb 16, 2026)
• 
  $0.6 billion – Neysa Networks Pvt Ltd (High Technology – Software) – Investor Group – Completed (Feb 16, 2026)
• 
  $0.5 billion – Optimum Achieve Holdings Inc (High Technology – IT Services) – Acquired by Infosys Nova Holdings LLC – Pending (Mar 25, 2026)
• 
  $0.4 billion – Sinnar Thermal Power Ltd (Energy & Power – Alternative Energy) – Investor Group – Completed (Jan 9, 2026)

Infrastructure remains a global investor favourite

Close behind was a $1.6 billion acquisition of Safeway Concessions’ infrastructure portfolio by VINCI Highways.

The deal signals confidence in India’s roads and transport ecosystem, which remains a key pillar of economic growth.

Quick service restaurants and consumption stories stay hot

India’s consumption story also featured prominently, with Devyani International’s $1.1 billion acquisition of Sapphire Foods India Ltd emerging as one of the largest deals of the quarter.

Digital infrastructure and tech deals gain momentum

Technology and digital infrastructure deals continued to attract strong investor interest, even amid broader caution.

Nxtra Data Ltd, a data centre platform, saw a $1 billion investment.

Neysa Networks ($0.6 billion) and Optimum Achieve Holdings ($0.5 billion) deals further reinforced momentum in software and IT services

These deals highlight how investors are increasingly betting on AI, cloud, and data-led growth themes, aligning with global capital flows into digital assets.

Materials and industrial assets remain active

Industrial and materials sectors also saw meaningful deal activity:

• 
  EPL Ltd’s $1 billion acquisition of Indovida India Pvt Ltd points to consolidation in packaging and materials
• 
  Such deals indicate continued interest in manufacturing-linked value chains, especially those benefiting from India’s production-linked incentives (PLI) and export opportunities.

Energy deals present a mixed picture

While energy featured among top deals, activity was more selective:

Torrent Power’s $0.7 billion acquisition of Nabha Power Ltd signals consolidation in conventional power assets

Smaller deals like Sinnar Thermal Power ($0.4 billion) suggest ongoing investor interest, but at more measured levels.

Consumer staples see steady consolidation

The $0.8 billion deal involving Kwality Walls (India) Ltd reflects steady consolidation in the consumer staples sector, particularly in food and beverage.