India's automotive industry experienced a significant increase in deal activity in Q3 CY25, with 30 transactions worth Rs. 40,347 crore (US$ 4.6 billion), mainly fueled by Tata Motors’ Rs. According to Grant Thornton Bharat, the acquisition of Iveco S.P.A. is valued at 33,330 crore (US$ 3.8 billion). Without the Tata-Iveco agreement, deal values decreased by 36% compared to the prior quarter, showing that major strategic transactions still influence overall activity. Although volumes stayed mostly stable, cross-border mergers and acquisitions (M&A) were predominant, representing 71% of transactions and 99% of overall values, underscoring India’s expanding international presence in commercial mobility and automobile supply chains. Grant Thornton Bharat highlighted that the industry is undergoing a strategic overhaul, as investors and OEMs concentrate on electrification, Mobility-as-a-Service (MaaS), and technology-driven platforms. M&A transactions during the quarter featured seven agreements totaling Rs. 35,961 crore (US$ 4.1 billion), a 1,234% rise in value despite a 13% drop in volume compared to Q2. Interest in private equity stayed consistent in mobility segments prepared for the future. Simultaneously, domestic public market activity remained low, with no significant Initial Public Offerings (IPOs) or Qualified Institutional Placements (QIPs).