AZB & Partners advised Schneider Electric (SE) on its acquisition of Temasek’s entire minority stake (35 percent) in Schneider Electric India (SEIPL) for an all-cash consideration of INR 55,880 crore (€5.5 billion approx.). The transaction, the largest M&A deal in India so far in 2025, also involves Schneider Electric acquiring Temasek’s corresponding stake in their Singapore joint venture.
Khaitan & Co, with partner Radhika Agarwal at the helm, acted for Temasek on this strategic exit while JSA is supporting Schneider Electric in securing approvals from the Competition Commission of India (CCI).
Alongside this marquee deal, 2025 has witnessed an exceptional surge in Indian M&A activity. Over 1,500 transactions were recorded in the first half of the year, a 4.6 percent year-on-year volume increase, despite a slight dip of approximately 5.7 percent in total deal value compared to the previous year.
Domestic deals accounted for around 72 percent of all activity, reflecting a strong focus on consolidation and growth within Indian enterprises. Key sectors driving deal value and volume include energy, financial services, healthcare, infrastructure, and technology.
The deal team from AZB comprised senior partner Ashwath Rau, partner Jasmin Karkhanis, senior associates Dishti Kaji and Aakshay Amesur, along with associate Prankul Boobana.
AZB also advised on the original transaction in August 2020 where Schneider and Temasek jointly acquired the electrical and automation business of Larsen & Toubro Ltd. and combined it with Schneider’s local operations.
Khaitan & Co’s guidance to Temasek was led by partner Radhika Agarwal.
JSA’s representation for Schneider Electric is being led by antitrust practice chair Nisha Kaur Uberoi and includes partner Pranav Satyam, principal associate Sarthak Pande, senior associates Shivangi Chawla, Samriddha Gooptu and Ishan Arora, and associates Akanksha Mathur, Mehar Singh Dang, Aditya Prakash, Naman Katyal, Meghaa G, Cherian Chacko Manayath, Ashmeka K and Mayank Gandhi.
The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals such as from the Competition Commission of India, and is expected to close in the coming quarters.
Significant examples alongside the Schneider Electric-Temasek deal include Bajaj Group’s $2.7 billion acquisition of a stake in Bajaj Allianz, Brookfield’s $2 billion purchase of ATC India Tower Corporation, New Mountain Capital’s $2 billion acquisition in healthcare, and Wilmar International’s $1.4 billion cross-border acquisition of Adani Wilmar’s staples business. The surge in green energy, digital and AI platform investments, and private equity-backed transactions illustrate the robust investor confidence supported by government reforms facilitating business and investment.
