With revenue shooting up to $413 million thereby marking a hike of 23 per cent in the last fiscal year, Indian investment banks certainly have reasons to smile. The credit goes to large contributions from global merger and acquisitions (M&A) along with Indian conglomerates.

For the past few years, M&A deals has paved the way for a number of investment banks seeking the path to India to establish strong presence. Many high value deals are showing great interest in the Indian investment banking space. The recently happened Tata-Corus deal can be looked upon as an example. Also, several numbers of big-ticket deals are there in the pipeline.

The list includes the known name of Hutchisson-Essar on the top followed by ABN Amro bank that spearheaded the pack of investment banks in the last year, accounting for the highest volume of M&A deals.

The total number of deals is believed to shoot up to $28.2 billion in 2006 as against $18.3 billion in 2005. Of these, 480 were M&A deals and 302 private equity ones, as per the data compiled by Grant Thornton, a leading financial and business adviser to mid-corporate businesses.

Creating new benchmarks, Indian investment banking firms are certainly leaving other developed markets behind.

Industry watchers hold competition in the Indian market responsible for the slower growth in India as compared to China, resulting in lower fees. However, the situation can improve in the wake of growing number of larger deals including Indian firms as well.

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