Even as the Indian and global economies continue to reel under the effects of the COVID-19 pandemic, Mergermarket has reported that the Indian M&A deal value for the first half of 2020 is actually higher than the numbers recorded for H1 last year.

The 14.55% increase in deal value is thanks largely to recent series of investments into Jio Platforms, owned by Mukesh Ambani’s Reliance Industries Limited.

However, 2020 has seen the number of deals plunge from 243 recorded during the first half of last year to 183 that went through during H1 this year. As stated in the report,

“Ongoing deals might face significant delay in obtaining regulatory and third-party approvals as offices, banks, courts, and government departments are either closed or working with limited staff. Deals at preliminary stage might also get delayed as due diligence may not be able to take place.”

Another reason for the slowdown in M&A activity could be the Indian government's decision to place curbs on investment by entities based in any country sharing a border with India. The report notes that food delivery aggregator Zomato lost access to $100m funding from its biggest investor in China, Ant Financial, as a result of India’s new foreign investment laws.

The ban on apps owned by Chinese companies following border tensions between the two nations is also cited as a possible reason for the dip in activity.

Here’s a look at the league tables for Indian M&A for the first half this year.

Deal Value

AZB & Partners recorded the highest deal value for this half, with 46 deals at $21.8 billion. Shardul Amarchand Mangaldas closely follows, with 39 deals at $21.04 billion. Only three other Indian firms - Cyril Amarchand Mangaldas at 4th with 51 deals at $15.9 billion; Trilegal at 7th with $5.6 billion; and S&R Associates at 9th with 8 deals at $2.3 billion - are in the top ten. Khaitan & Co. is 11th with 34 deals at $2.03billion.

The international law firms in the list include Davis Polk & Wardwell, Hogan Lovells International, Whiite & Case, and Lathan & Watkins.

Deal Count

Cyril Amarchand Mangaldas leads the way with 51 deals, while AZB is second with 46. Shardul Amarchand Mangaldas, Khaitan & Co and Trilegal complete the top five with 39, 34, and 17 deals respectively.

J Sagar Associates, IndusLaw, S&R Associates and L&L Partners also feature on the list with 11,9, 8, and 5 deals respectively.